TCRAP_Public/080428.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, April 28, 2008, Vol. 11, No. 83

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: Investors Express Interests on Key Assets


C H I N A   &   H O N G  K O N G   &   T A I W A N

CHINA SOUTHERN: 2007 Profit Increases to CNY1.871 Billion
CLASSIC CON: Court to Hear Wind-Up Proceedings on April 30
DANA CORP: Seeks Dismissal of Asbestos Claimants Appeal re Plan
DANA CORP: UAW Supports US$2.5MM Success Fee to Potoc and Co.
EMI GROUP: Restructuring Continues Despite Contractual Hurdles

ENERGY FOOD: Creditors' Proofs of Debt Due Today
ENG'S WELL-PLAN: Court to Hear Wind-Up Proceedings on May 14
GREEN TOWN: To Focus on Developing Existing Lands This Year
PARKSON RETAIL: Paying RMB0.38/Share Dividend on June 30
PARKSON RETAIL: Unit Acquires 49% Stake in Xi'an Shidai Parkson

PETROLEOS DE VENEZUELA: Output Totals 1.1 Bln. Barrels in 2007
PETROLEOS DE VENEZUELA: Selling Fuel Oil to Petrobras
PETROLEOS DE VENEZUELA: S&P Holds "BB-" Long-Term Credit Rating
ROAD KING: Declares HK$0.28/Ordinary Share Dividend for 2007
TITAN PETROCHEMICALS: Moody's Puts B2 Rating on Review

XINHUA FINANCE: Moody's Cuts Ratings to B2 With Negative Outlook


I N D I A

BRAHMANI RIVER: Fitch Attaches 'BB+' Long-term Issuer Rating
GENERAL MOTORS: Reports 2.25MM Global Car Sales in 1st Qtr. 2008
GMAC LLC: Lends US$468 Mil. to ResCap to Provide Liquidity
GMAC LLC: Risks to Liquidity Cue Moody's Rating Cut to 'B2'
PERUSAHAAN LISTRIK: Awards Contracts for Two Power Plants

TATA POWER: Completes Signing of US$4.2 Bil. Gujarat Power Deal
TATA STEEL: Budgets INR80,000 Crore for 3 Greenfield Projects


I N D O N E S I A

ANEKA TAMBANG: ArcelorMittal Proposes Investment in the Company
BANK INTERNASIONAL: Reports IDR197.86 Billion 1Q Net Profit
GARUDA INDONESIA: Diplomat Wants New Zealand Flights Restored
HUMPUSS INTERMODA: Moody's Assigns B2 Foreign Currency Rating
PT INCO: Reports US$139.6 Million 1st Quarter Net Income

SEMEN GRESIK: Reports IDR455.29 Billion 1st Quarter Net Profit


J A P A N

ELPIDA MEMORY: Inks Technology Partnership With Qimonda AG
ELPIDA MEMORY: To Buy Single-Digit Percentage Stake in ProMOS
MITSUBISHI MOTORS: FY2007 Net Income Increases to JPY34.7 Bil.
MITSUBISHI MOTORS: Books JPY21.3BB Extraordinary Loss for FY08
XM SATELLITE: Dec. 31 Balance Sheet Upside-Down by $984 Million

* Moody's Report: Negative Outlook for Japanese Food Industry


K O R E A

HYUNDAI MOTORS: First Quarter 2008 Sales Up 22% to KRW8.2 Tril.
MAGNACHIP SEMICONDUCTOR: Incurs US$67.9 Mil. Net loss in 1Q 2008


M A L A Y S I A

TRIPLC BERHAD: Earns MYR1.28 Million in Quarter Ended Feb. 29


N E W  Z E A L A N D

AAA DESIGN LIMITED: Shareholders Appoint Liquidator
BAIRDS ROAD SCRAP: Court to Hear Wind-Up Petition on May 30
BLUE CHIP: Creditors Owed NZ$84.3 Million, Liquidator Says
CARPET DREAMS: Court to Hear Wind-Up Petition on May 13
CARTUNE LTD: Court to Hear Wind-Up Petition on June 20

CASTLEREAGH NOMINEES: Commences Liquidation Proceedings
CUCHINIS HOLDINGS LIMITED: Shareholders Appoint Liquidator
EP NELSON LIMITED: Shareholders Appoint Liquidator
FRANKLIN PLANT PRODUCERS: Appoints L. Sharp as Liquidator
GRANGE DEVELOPMENT: Creditors Must File Claims by May 4

HOMETOWN BBQ CHICKEN: Faces CIR's Wind-Up Petition
JOYCE GROUP HOLDINGS: Shareholders Appoint Liquidator
JOYCE GROUP LIMITED: Shareholders Appoint Liquidator
MCMANUS AND GROCOTT: Creditors Must File Claims by April 30
PHOENIX CONSTRUCTION: Faces CIR's Wind-Up Petition

PLAN PROCESSING SERVICES: Shareholders Appoint Liquidator
QUEENSTOWN INVESTMENTS: Hearing on Wind-Up Petition Is April 28
RESOURCE MANAGEMENT & PLANNING: Shareholders Appoint Liquidator
RISHWORTH PROPERTY: Creditors Must File Claims by May 4
ROCKY DAVIS BLASTING: Faces CIR's Wind-Up Petition

SOFTWARE FUTURES: Faces CIR's Wind-Up Petition
SOUTHERN CROSS HOLDINGS: Shareholders Appoint Liquidator
ST. MARC GROUP LIMITED: Shareholders Appoint Liquidator
VORSTERMANS & ASSOCIATES: Shareholders Appoint Liquidator
WORCESTER PROPERTIES: Faces CIR's Wind-Up Petition


P H I L I P P I N E S

MRC ALLIED: Appoints  Renato Claravall as President
PREMIERE ENTERTAINMENT: To Hold Stockholders' Meeting on May 16
SAN MIGUEL CORP: Sets IPO Price at Php8.00 per Common Share
SBARRO INC: Moody's Keeps Low-B Ratings; Gives Negative Outlook


S I N G A P O R E

SEA CONTAINERS: Fails to File Plan by April 15 Deadline


                         - - - - -


=================
A U S T R A L I A
=================

CENTRO PROPERTIES: Investors Express Interests on Key Assets
------------------------------------------------------------
Centro Properties' key shopping centre assets are getting the
interest of publicly owned property trusts and private retail
investors as the retail company faces a looming deadline to pay
its $4.2 billion debt, Carolyn Cummins of  The Age reports.

Centro Chief Executive Officer Glenn Rufrano confirmed that 28
assets in the Centro Australia Wholesale Fund will be sold first
as part of his planned refinancing program, The Age says, citing
documents obtained by BusinessDay.

On April 22, 2008, the Troubled Company Reporter-Asia Pacific
reported that Centro may be forced to sell the properties in its
Australian wholesale fund on a piecemeal basis due to the
unavailability of buyers who can buy the entire fund.

As to its debt repayment, Centro is hoping that its lenders
would extend the due date from April 30, 2008, to September 30,
otherwise, the company warned  it would go into receivership.

Centro's lenders, according to Bloomberg, include Commonwealth
Bank of Australia, Australia & New Zealand Banking Grouop Ltd.,
National Australia Bank Ltd., JPMorgan Chase & Co., Royal Bank
of Scotland Group Plc and BNP Paribas.

Meanwhile, The Age relates that the company is facing a suit by
investors who bought Centro Properties and Centro Retail Trust
stapled securities between August 7 last year and February 15
this year.

The investors will be represented by US-based litigation funder
Commonwealth Legal Funding and law firm Slater & Gordon.

                     About Centro Properties

Centro Properties Group -- http://www.centro.com.au/-- is a   
Melbourne, Australia-based company that comprises the operations
of Centro Property Trust and its entities, which are engaged in
property investment, property management, property development
and funds management.

The company operates in two business segments: property
ownership business and services business. The Company derives
income from retail property rentals of shopping center space to
retailers across Australasia and the United States.  It also
derives income from its retail property investments in listed
and unlisted entities.  Its services business activities include
incorporating funds management, property management and
development and leasing.  During the fiscal year ended June 30,
2007, the Company acquired New Plan Excel Realty Trust, Heritage
Property Investment Trust and Galileo Funds Management, as well
as assumed full ownership of its United States management
operations.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.


==================================================
C H I N A   &   H O N G  K O N G   &   T A I W A N
==================================================

CHINA SOUTHERN: 2007 Profit Increases to CNY1.871 Billion
---------------------------------------------------------
China Southern Airlines Co. Limited's profit for full-year 2007
increased nearly ten times to CNY1.871 billion ($267.1 million)
from CNY188 million in the previous year, Katie Cantle of ATW
Daily News reports.

According to the report, the big increase was due to strong
domestic demand and yuan appreciation.

The carrier's operating revenue for full-year 2007 increased by
18.2% to CNY55.87 billion, ATW Daily News says.

ATW Daily News relates that for the first quarter of 2008, the
company reported a CNY796 million profit compared to a CNY188
million loss in the first three months of 2007, while revenue
rose 20.4% to CNY14.31 billion.

China Southern, ATW adds, expects to benefit from "continuous
robust domestic demand" and is targeting an 8.8% increase in
passengers to 61.8 million this year.

              About China Southern Airlines

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                         *    *    *

As reported in the Troubled Company Reporter-Asia Pacific on  
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s Long-term Foreign Currency and Local Currency Issuer
Default Ratings at 'B+'.  The Outlook on the ratings is Stable.


CLASSIC CON: Court to Hear Wind-Up Proceedings on April 30
----------------------------------------------------------
On March 5, 2008, Hung Wai, filed a petition to have Classic
Construction Engineering Company Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 30, 2008, to hear the petition.

The petitioners' solicitor is:

          Chong Yan-tung Chris
          Revenue Tower, 30th Floor
          5 Gloucester Road
          Wanchai, Hong Kong


DANA CORP: Seeks Dismissal of Asbestos Claimants Appeal re Plan
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask the U.S. District Court
for the Southern District of New York to dismiss the
consolidated appeals of the Ad Hoc Committee of Asbestos
Personal Injury Claimants and Jose Angel Valdez on the ground
that the Appeals are equitably moot because the Third Amended
Joint Plan of Reorganization has been substantially consummated.

Corinne Ball, Esq. at Jones Day LLP, in New York, relates that
since the Plan became effective in Jan. 31, 2008, the
Reorganized Debtors have take numerous irreversible steps to
implement the Plan, including:

   -- creation a new holding company, New Dana Holdco, which
      received a new preferred stock equity investment of
      US$790,000,000 from 24 different new equity investors;

   -- repayment of the DIP Loan and Borrowing under the
      US$1,350,000,000, Exit Facility;

   -- transfer of operating assets to New Dana Holdco and
      distribution of cash and common stock to creditors;

   -- termination of retiree benefits and funding of voluntary
      employment beneficiary association trust; and

   -- assignment of collective bargaining agreements to New Dana
      Holdco, freezing of pension plans, and assumption and
      rejection of executory contracts.  

"These steps, along with the myriad of other transactions
implementing the Plan have resulted in its substantial
consummation.  As a result of the failure of Asbestos Claimants
to obtain a stay of the Confirmation Order . . . it is no longer
possible . . . for this or any other court to undo the
Restructuring Transactions that are the subject of these
appeals," Ms. Ball argues.

According to Ms. Ball, if the District Court overturns the
Confirmation Order and belatedly revokes the Plan, all parties-
in-interest must be returned to the status quo that existed just
prior to the Effective Date.  With the reinstatement of the
status quo -- which would require, among other things,
disgorgement by creditors of all cash and stock distributions
made by the Reorganized Debtors -- is impossible, she argues.  

"Seeking to undo these transactions is impossible and grossly
inequitable," Ms. Ball further argues.  Furthermore, the parties
funding the Reorganized Debtors' Exit Facility cannot be
returned to the status quo.

Ms. Ball notes that the Asbestos Claimants have failed to show
clear error in the Confirmation Order's factual findings or
legal error in its conclusions of law.  She adds that the
Asbestos Claimants made no attempt either to seek a stay of the
Confirmation Order or to expedite their appeals.

Ms. Ball tells the Court that the Asbestos Claims were not
impaired by the Plan.  The record shows, and the Bankruptcy
Court found, that Asbestos Claims were left unimpaired by the
Plan, and because the Asbestos Claims are unimpaired, the
Bankruptcy Court properly held that the "best interests of
creditors" test did not apply to Class 3 Asbestos Claims.

Ms. Ball further argues that the Asbestos Claimants' attempt to
equate the restructuring transactions with that of the creation
of a trust under Section 524(g) of the Bankruptcy Code
misrepresents the effect of the Plan.  She points out that none
of the hallmarks of a Section 524(g) plan are present in the
Plan or exhibited by Reorganized Dana.

                  Asbestos Claimants Talk Back

Counsel to the Asbestos Committee, Douglas Tabachnik, Esq. at
Law Offices of Douglas T. Tabachnik, in Freehold, New Jersey,
argues that the Reorganized Debtors mischaracterize the law of
"equitable mootness" to avoid the fatal flaws in their Plan.

According to Mr. Tabachnik, the Reorganized Debtors mistakenly
contend that "substantial consummation" of the Plan somehow
equates to "equitably moot" as a grounds for dismissal of the
Appeals.

"This is simply a misstatement of the law," Mr. Tabachnik says.  
"Courts have repeatedly held that 'substantial consummation' is
not a magic incantation that automatically results in an appeal
being dismissed.  Because effective relief remains available,
the Asbestos Committee's failure to obtain a stay pending this
appeal does not render the appeal moot," he adds.

Mr. Tabachnik maintains that the Asbestos Claimants merely ask
that the Court modify the Confirmation Order in a very
straightforward way without undoing a single Restructuring
Transaction.  He says the Court can simply interlineate a new
clause into the Confirmation Order making clear that the Class 3
asbestos personal injury claimants are not being left without
recourse against the assets that were shuttled out of the
Debtors.  He adds that the relief sought by the Appellants would
not affect the financing obtained by the Debtors.

The Asbestos Claimants assert that the Reorganized Debtors
woefully mischaracterize their arguments with respect to Section
524(g).  Mr. Tabachnik says the Appellants have never argued
that Debtors must invoke Section 524(g) to effectively
reorganize.  Rather, he says, Appellants argue that Reorganized
Debtors' chosen Plan structure requires them to comply with
Section 525(g).

The Asbestos Claimants maintain that the Plan does not provide
identical treatment to all asbestos personal injury claims.  The
mere fact that the thousands of claims secretly settled on the
eve of confirmation are secured by an escrow fund establishes
the unequal treatment that the Bankruptcy Code forbids, Mr.
Tabachnik says.

                         About Dana Corp.

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/      
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or       
215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Dana Holding Corp. following the company's
emergence from Chapter 11 on Feb. 1, 2008.  The outlook is
negative.
           
At the same time, Standard & Poor's assigned Dana'sUS$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating (two notches higher than the corporate credit
rating) with a recovery rating of '1', indicating an expectation
of very high recovery in the event of a payment default.
     
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.


DANA CORP: UAW Supports US$2.5MM Success Fee to Potoc and Co.
-------------------------------------------------------------
The International Union, United Automobile, Aerospace, and
Agricultural Implement Workers of America, AFL-CIO, commonly
known as the UAW, supports the request of United Steel, Paper,
and Forestry, Rubber, Manufacturing, Energy, Allied Industrial
and Service Workers International Union for payment of a
US$2,500,000 success fee to its financial advisor, Potok and
Co., Inc.

"The UAW and the USW worked closely together with the Debtors to
restructure the Debtors' operations, to secure equity financing,
and to put together a plan of reorganization that permitted the
Debtors to emerge from bankruptcy and operate as a viable
enterprise post-emergence," Niraj R. Ganatra, associate general
counsel for the International Union of UAW, said.  Mr. Ganatra
adds that Potok was essential to those efforts.

Mr. Ganatra relates that because of the extraordinary efforts of
the Unions and Potok, and other key constituencies, the Debtors
were able to reorganize before the crisis in the capital markets
took hold.  "Potok is entitled to a success fee ofUS$2.5
million, for its  substantial contribution in the Debtors'
emergence from Chapter 11," Mr. Ganatra maintained.

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/      
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represented the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, served as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
served as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represented the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC served as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or       
215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Dana Holding Corp. following the company's
emergence from Chapter 11 on Feb. 1, 2008.  The outlook is
negative.
           
At the same time, Standard & Poor's assigned Dana'sUS$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating (two notches higher than the corporate credit
rating) with a recovery rating of '1', indicating an expectation
of very high recovery in the event of a payment default.
     
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.


EMI GROUP: Restructuring Continues Despite Contractual Hurdles
--------------------------------------------------------------
EMI Group Plc reiterated that its planned restructuring is on
track despite contractual obstacles on implementing it, Reuters
reports.

Reuters' sources said some challenges appeared and slowed down
EMI's restructuring plan.  The issues include:

    * "key man" clauses in contracts that allow artists to leave
      EMI if a label president or A&R executive who signed the
      act leaves or is fired;

    * clauses in executive contracts that allow top employees to
      leave if their responsibilities change or the company
      comes under new ownership or management; and

    * meeting deadlines by certain sectors of the company.

An EMI executive confirmed to Reuters that the overall
restructuring is slow "because some people are missing their
deadlines.

The sources commented to Reuters that Terra Firma, which
acquired EMI in August 2007 for GBP2.4 billion, may not have
realized the extent to which the "key man" contracts exist
within the label.

Reuters' sources added that a number top EMI executives want to
leave, claiming breach of contract due to impending changes in
title or responsibilities.  The sources said EMI is fighting
executives in instances where it believes it is in the right.

As reported in the Troubled Company Reporter on Jan. 22, 2008,
Terra Firma had unveiled a restructuring plan for EMI.  The plan
entails:

    * positioning EMI's labels to ensure they will be
      completely focused on A&R and maximizing the potential of
      all their artists;

    * developing a new partnership with artists, based on
      transparency and trust, and helping all artists monetise
      the value of their work by opening new income streams such
      as enhanced digital services and corporate sponsorship
      arrangements;

    * bringing together all the group's key support activities
      including sales, marketing manufacturing and distribution
      into a single division with a unified global leadership;
      and

    * the elimination of significant duplications within the
      group to simplify processes and reduce waste.

The changes, which will be implemented over the next six months,
will enable the group to invest more in its A&R operations both
to identify and sign promising new artists and to maximize the
potential of its existing roster.

                        About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

                       About EMI Group plc

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent    
music company, operating directly in 50 countries, with
licensees in a further 20 and employs around 5,500 people.  The
group has operations in Brazil and China among others.  In
August 2007 EMI was acquired by private equity firm Terra Firma.

At March 31, 2007, EMI Group's consolidated balance sheet
revealed GBP1.5 billion in total assets, GBP2.65 billion in
total liabilities resulting to GBP1.15 billion in shareholders'
deficit.


ENERGY FOOD: Creditors' Proofs of Debt Due Today
------------------------------------------------
Creditors of Energy Food Court Limited are required to file
their proofs of debt until today, April 28, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

         Walter Lee
         Emily Chick Tsz
         Messrs. Gallant Y.T. Ho & Co.
         Jardine House, 5th Floor
         1 Connaught Place, Hong Kong


ENG'S WELL-PLAN: Court to Hear Wind-Up Proceedings on May 14
------------------------------------------------------------
On March 12, 2008, Lai Kan Lim, filed a petition to have Eng's
Well-Plan Garments Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
May 14, 2008, to hear the petition.

The petitioners' solicitor is:

          Chong Yan-tung Chris
          Revenue Tower, 30th Floor
          5 Gloucester Road
          Wanchai, Hong Kong


GREEN TOWN: To Focus on Developing Existing Lands This Year
-----------------------------------------------------------
Greentown China Holdings Limited plans to focus on developing
its existing lands instead of acquiring new lots this year due
to unsteady market, SinoCast News reports.

According to the report, as of December 31, 2007, Greentown
China had total land reserves of 19 million square meters, of
which, up to 60% are located in Zhejiang.  The rest are located
in first-tier provinces and cities, such as Shandong province,
Beijing and Shanghai.

SinoCast News relates that since its listing in the Hong Kong
Stock Exchange in 2006, Greentown China began aggressively
buying lands, and in 2007 alone, the company developed 42
projects in 26 cities across the country.

In March, Greentown China launched two new projects namely
Lijiang Apartment in east Hangzhou and Lanting in Linping New
City, north Hangzhou.

Commenting on the projects, Mr. Shou Bainian, Executive Vice-
Chairman & Chief Executive Officer of Greentown said, “In spite
of volatile market sentiment, encouraging sales from the two
projects has once again proved real market need for better
housing standard as well as customers’ confidence in Greentown’s
brand and products.  Making masterpiece projects is always our
commitment.”

For the year ended December 31, 2007, the company's net profit
dipped 27.2% to RMB923.4 million from RMB1,269.1 million in
2006.

Revenue for the year ended December 31, 2007, decreased by 10.3%
to RMB5,738.8 million from RMB6,400.5 million in the previous
year.

                  About Greentown China

Established in 1995, Greentown China Holdings Limited is a
property developer in China.  The Group primarily develops
residential properties targeting middle to high income residents
in China.  The Group has operations primarily in dynamic
provinces and municipalities in the more-developed Eastern
China, especially the core Yangtze River Delta region, and has
built up momentum in rising cities in the Bohai Rim region
including Qingdao and Jinan of Shandong province as well as
other key provincial cities in Central and Western China like
Changsha in Hunan Province and Urumqi in Xinjiang Uygur
Autonomous Region.

                          *     *     *

As of April 26, 2008, Greentown China Holdings Ltd. continues to
carry Moody's "Ba3" Senior Unsecured Debt and Long-Term
Corporate Family Ratings with a Stable outlook.

In addition, Greentown China still carries Standard & Poor's
"BB-" long-term local and foreign issuer credit ratings.


PARKSON RETAIL: Paying RMB0.38/Share Dividend on June 30
--------------------------------------------------------
Parkson Retail Group Limited will be paying a final cash
dividend of RMB0.38 per share for 2007, to shareholders of
record as of the close of business on May 22, 2008, Reuters
reports.

The payment is scheduled to be on or about June 30, 2008.

Headquartered in Hong Kong, Parkson Retail Group Limited
operates department stores including 37 "Parkson" branded
department stores and 2 "Xtra" branded supercentres situated in
26 cities in the People's Republic of China. Other activities
include provision of consultancy and management services,
research and development of computer software and investment
holding.

                          *     *     *

As of April 26, 2008, Parkson Retail Group Limited continues to
carry Moody's "Ba1" Senior Unsecured Debt, Senior Secured Debt,
and Long-Term Corporate Family Ratings with a Stable outlook.

In addition, Parkson Retail still carries Standard & Poor's "BB"
long-term local and foreign issuer credit ratings.


PARKSON RETAIL: Unit Acquires 49% Stake in Xi'an Shidai Parkson
---------------------------------------------------------------
Parkson Retail Group Limited's wholly owned subsidiary, Parkson
Retail Development Co. Ltd., agreed to purchase a 49% equity
interest in Xi’an Shidai Parkson Store Co. Ltd., Reuters
reports.

According to the report, the transaction, the terms of which
were not disclosed, was entered into by Parkson Retail and
Parkson Development with Shaanxi Shuangyi Petroleum and Chemical
Company Limited.

Headquartered in Hong Kong, Parkson Retail Group Limited
operates department stores including 37 "Parkson" branded
department stores and 2 "Xtra" branded supercentres situated in
26 cities in the People's Republic of China. Other activities
include provision of consultancy and management services,
research and development of computer software and investment
holding.

                          *     *     *

As of April 26, 2008, Parkson Retail Group Limited continues to
carry Moody's "Ba1" Senior Unsecured Debt, Senior Secured Debt,
and Long-Term Corporate Family Ratings with a Stable outlook.

In addition, Parkson Retail still carries Standard & Poor's "BB"
long-term local and foreign issuer credit ratings.


PETROLEOS DE VENEZUELA: Output Totals 1.1 Bln. Barrels in 2007
--------------------------------------------------------------
El Universal reports that Venezuelan oil production in 2007
totaled 1.1 billion barrels or 3.13 million barrels per day,
exactly the amount reported in Petroleos de Venezuela SA's
audited financial statements.  

As reported in the Troubled Company Reporter-Latin America on
April 23, 2008, the Venezuelan government will discuss in May
the discrepancy between Petroleos de Venezuela's oil output
figures and estimates from the Organization of Petroleum
Exporting Countries.  The Venezuelan government said that its
daily output is about 3.3 million barrels, but outside estimates
have placed Venezuela's actual production below official levels.  
Venezuela was producing about 2.33 million barrels per day
"based on secondary sources," and the International Energy
Agency placed the nation's daily oil production at 2.44 million
barrels, OPEC said.

According to El Universal, the Energy and Petroleum Ministry
disclosed in the edition of the Official Gazette on
April 18, 2008, the addition of 748.46 million barrels of oil to
Venezuelan proven reserves in the fourth quarter 2007, bringing
the total amount of reserves to 99.37 billion barrels as of
Dec. 31, 2007.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                        *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-. Fitch said the ratings
outlook is negative.


PETROLEOS DE VENEZUELA: Selling Fuel Oil to Petrobras
-----------------------------------------------------
Petroleos de Venezuela SA has sold a prompt-loading 270,000-
tonne cargo of fuel oil to Petroleo Brasileiro via private deals
following the cancellation of a tender earlier due to poor price
offers, the Economic Times reports, citing certain traders.

The traders said in a statement that both companies are all
connected in more ways than one.  The companies were partnered
in a US$4.5 million joint-venture refinery project.  Under the
project, the construction was set in northeastern Brazil with
100,000 barrels per day, the report states.

According to the traders, the cargo, based on current market
prices, was valued at a discount of about US$14 to Singapore
spot quotes, on freight-on-board (FOB) basis.  The cargo would
likely be shipped to Asia, the report adds.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                       *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-. Fitch said the ratings
outlook is negative.


PETROLEOS DE VENEZUELA: S&P Holds "BB-" Long-Term Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term corporate credit rating on Petroleos de Venezuela S.A.  The
outlook is stable.
     
The rating on Petroleos de Venezuela and its sole shareholder,
the Bolivarian Republic of Venezuela (BB-/Stable/B), are tightly
linked, reflecting S&P's opinion that the state-owned oil
company is a public policy-based institution that plays a
central role in meeting the sovereign's political and economic
objectives.  The ties of ownership and economic interests
between the oil firm and Venezuela are evident in the
significant contribution of the oil industry to government
revenues (50%) and the country's exports (90%).  The sharp
increases in direct social spending by Petroleos de Venezuela
and recent investments in nonoil-related assets provide further
support to the rating agency's opinion.
     
The ratings assigned to Petroleos de Venezuela also consider the
inconsistencies observed in reported production figures versus
those of other sources and the absence of an external audit of
its reserve base.  "In our opinion, the weighting toward heavy
and extra-heavy crude in the issuer's reserve base presents
technical and financial challenges that create uncertainty
around its stated production targets.  Furthermore, S&P is
concerned about the issuer's ability to attract foreign
investment in light of the government's decision to restructure
PDVSA's operating service agreements, grant PDVSA a majority
share in the heavy oil production, and upgrade projects in the
Orinoco Zuata region," said S&P's credit analyst Jose Coballasi.  
The ratings factor in the rating agency's expectations that the
Venezuelan oil firm's capital expenditures during the next
couple of years will exceed its operating cash flow generation
and require a significant increase in its debt leverage.  As a
result, S&P believes that Petroleos de Venezuela's key financial
measures will weaken and that its exposure to commodity price
volatility will weigh more heavily on its financial performance.
     
The ratings are supported by the Venezuelan oil company's
position as one of the world's leading integrated national oil
companies.  Petroleos de Venezuela's standing in the industry
reflects its mandate to develop Venezuela's considerable proven
reserve base, low finding and development costs, and its
ownership of CITGO Petroleum Corp. (CITGO; BB/Stable/--), one of
the leading refiners in the United States.
     
The company's business strategy is focused on developing
Venezuela's hydrocarbon resources.  Petroleos de
Venezuela's business plan requires approximately US$78 billion
in capital expenditures during the next four years to achieve a
sustainable crude oil production of 5.8 million barrels per day
by 2012 and to increase its refining capacity by 1,000,000
barrels of oil equivalent per day, in 2007, Venezuela's crude
oil production was 3.15 million barrels per day.  The oil firm
has also evolved toward an institution that plays a direct role
in social programs and has acted as an acquisition vehicle for
some industries -- particularly electricity -- that are deemed
strategic for the government, as demonstrated by an agreement
with the AES Corp. to purchase a controlling stake in C.A. La
Electricidad de Caracas (BB-/Stable/--), which operates the
electricity distribution system in Caracas, for US$739.26
million.
     
The stable outlook incorporates S&P's expectations that
Petroleos de Venezuela's financial performance will weaken
during the next couple of years as a result of higher debt
leverage, and that production figures will remain around 2007
levels.  Beyond a negative rating action on Venezuela's
sovereign rating, financial and operating performance below
S&P's expectations or continued increases in debt levels could
lead to a negative rating action on the Venezuelan oil company.  
A positive trend in production figures and additional comfort
regarding production and reserve figures, coupled with an
improvement in the sovereign credit rating on Venezuela, could
lead to a positive rating change.

                 About Petroleos de Venezuela

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.


ROAD KING: Declares HK$0.28/Ordinary Share Dividend for 2007
------------------------------------------------------------
Road King Infrastructure Limited will be paying a final dividend
of HKD 0.28 per ordinary share for the year ended December 31,
2007, to shareholders of record as of the close of business on
May 26, 2008, Reuters reports.

According to Reuters, the schedule of payment of the final
dividend is expected to occur on or before May 30, 2008.

Road King's Web site discloses that an Annual General Meeting of
the company will be held on May 26, 2008 at 2:30 p.m., at
Beijing Suite 1, Third Floor, Prince Marco Polo Hotels, Harbour
City, 23 Canton Road, Tsimshatsui, in Kowloon, Hong Kong.

Matters to be discussed at the meeting include declaration of
a final dividend for the year ended December 31, 2007, and
re-election of Directors.

Road King Infrastructure Limited -- http://www.roadking.com.hk/
-- is a Hong Kong listed company with its core business in the
investment, development, operation and management of toll roads
and property projects in China. Road King has a toll road
portfolio of HK$6 billion, comprising 19 toll road and bridge
projects spanning approximately 1,000 kilometers in 8 provinces
of China.  Road King has commenced the property development
business in China since 2004.  Projects are located in Guangdong
Province and Jiangsu Province, with total developable gross
floor area of approximately 2.9 million square metres.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2008, Moody's Investors Service affirmed the Ba2
corporate family and bond ratings of Road King Infrastructure
Limited.  The rating action follows Road King's announcement of
litigation with respect to its disputes with the former majority
shareholders in Sunco Property Holdings Company Limited, and the
company's failure to exert control over the management of two
Tianjin property subsidiaries acquired from Sunco Property.  The
outlook for both ratings is negative.


TITAN PETROCHEMICALS: Moody's Puts B2 Rating on Review
------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade Titan Petrochemicals Group Ltd's B2 corporate family
rating and B3 senior unsecured bond rating. This rating action
follows Titan's announcement of an operating loss in FY 2007.

"Titan continues to be plagued by the weak results of its very
large crude carrier fleet, while results from its traditional
supply and distribution business have also been below
expectations," says Peter Choy, a Moody's Vice President and
Senior Credit Officer.

"Furthermore, the company's on-shore oil business has not
reached its targeted utilization levels. As a result, Titan's
financial and liquidity profiles have materially weakened which
has also pressured its ratings," says Choy.

In the review, Moody's will focus on evaluating Titan's ability
to turnaround its operations by regaining profitability,
lowering its relatively high leverage compared with its peers,
and improving its currently weak liquidity profile.

Titan Petrochemical Group Ltd is an integrated oil logistics,
distribution and supply service provider in Asia, and which was
listed on the Hong Kong Stock Exchange in 2002.

Headquartered in Hong Kong, its operations are spread between
Singapore, Malaysia and China. Titan manages 22 tankers and has
on-shore storage in Guangdong, Fujian and Shanghai. In 2007, the
company acquired a shipyard in Quanzhou, in Fujian


XINHUA FINANCE: Moody's Cuts Ratings to B2 With Negative Outlook
----------------------------------------------------------------  
Moody's Investors Service has downgraded the corporate family
rating and senior unsecured bond rating of Xinhua Finance
Limited (XFL) to B2 from B1. The outlook for the ratings remains
negative.

"The downgrade has been prompted by XFL's lower-than-expected
performance and its resulting high leverage," says Wonnie Chu,
Moody's lead analyst for the company, adding, "Pro-ratably
consolidated for its 36%-owned subsidiary, Xinhua Financial
Media Limited (XFM), XFL's financial profile, with adjusted
debt/EBITDA of around 9x and EBITDA/interest of around 1.5x for
2007, is more consistent with the mid-to-low B-rated regional
peers."

The B2 rating is supported by XFL's strong balance sheet
liquidity with approximately US$70 million cash on hand at the
XFL corporate level as of December 31, 2007, and its first mover
advantage in China's financial news market.

The negative outlook reflects the uncertainties regarding XFL's
ability to turn around its operating performance in 2008 and
lower its relatively high leverage. Downward rating pressure
could emerge if adjusted debt/EBITDA fails to drop below 6x in
the next 1-2 years.

Furthermore, XFL's rating would be downgraded if 1) the company
loses its unique and strong position in China's financial
markets; 2) its exclusive agreement with Xinhua News Agency
(XNA) is revoked; and/or 3) laws and regulations change in China
or more legal lawsuits arise, such that its business is
adversely impacted.

In addition, evidence emerging of cash leakage through inter-
group transactions would also be negative for the rating.

The possibility of a rating upgrade is limited given the
negative outlook. However, the outlook could stabilize if XFL
improves its operating and financial profile and establishes a
longer track record of integrating new acquisitions and
achieving its projected results, while maintaining its strong
balance sheet liquidity.

XFL was listed on the Mothers Board of the Tokyo Stock Exchange
in October 2004 after its incorporation as the holding company
of Xinhua Financial Network (XFN). The latter was incorporated
and registered in Hong Kong in 1999.

XFL is an integrated provider of indices, ratings, financial
news, investor relations and distribution and media services,
especially with regard to China, which accounted for over 55% of
revenue in 2007.

XFM, the media and distribution arm of XFL and its largest
earnings and cash flow contributor, was listed on the NASDAQ in
March, 2007. XFL owns 36% of XFM's issued shares but has 85%
control.



=========
I N D I A
=========

BRAHMANI RIVER: Fitch Attaches 'BB+' Long-term Issuer Rating
------------------------------------------------------------
Fitch Ratings assigned a National Long-term Issuer rating of
'BB+(ind)' to Brahmani River Pellets Ltd.  The agency has also
assigned a rating of 'BB+(ind)' to its sanctioned long-term bank
loans aggregating INR9.75 billion.  The Outlook on the rating is
Stable.

The ratings reflect BRPL's project status in its pelletisation
and beneficiation facility setup in Orissa, well-structured
fixed price contracts that mitigate the risk of cost overruns,
as well as linkages with raw materials (iron-ore fines) of
significantly lower costs.  They also consider the low demand
risk for pellets in India driven by increasing demand from
sponge iron, and its parent, Stemcor Holdings Limited's previous
partnership with Essar Steel Limited in setting up Hy-Grade
Pellets Limited.  Fitch however, notes that Stemcor's
participation in HGPL was financial in nature, although the
rating does draw comfort that the execution team drawn from the
particular project will contribute expertise to BRPL's project.  
Additionally, BRPL has tied up its requirement of iron-ore fines
through long-term contracts and is in the process of tying up
the sale of pellets to end consumers.

The rating however, remains constrained on account of the
significant construction risk associated with such projects
accentuated by the risks of acquiring balance land, thus
exposing it to delay risks, as well as the limited track record
of the group in executing Greenfield projects.  Fitch notes that
in the event of any cost overrun or shortfall in BRPL's
resources for implementing the project during the construction
period, sponsors have agreed to provide additional funds as may
be required by BRPL for completing the project, either in the
form of equity or subordinated debts over and above the amount
that has been provided as the contingency (in addition to the
equity contribution already made by the sponsors).  Also, in the
event of BRPL suffering any cash losses up to the final
settlement date of its entire debt, the sponsors have agreed to
provide the requisite funds to BRPL for meeting the shortfall in
the form of equity or subordinated debts to enable BRPL to meet
its cash losses.   However, since the principal repayment of
debt has no recourse to the sponsors, the final rating assigned
does not draw benefit from the sponsor's credit profile.

Fitch believes that substantial progress in the project
including balance land acquisition could act as a positive
trigger for the rating, whereas a delay in land acquisition and
construction leading to cost and time overruns could qualify as
a potential negative trigger.

BRPL is a 100% subsidiary of Stemcor Iron Ore Holdings Ltd.,
which is a special purpose vehicle of Stemcor Holding Ltd., a
Stemcor group company.  Stemcor group has significant experience
in international trade dealing with steel and raw materials,
although the group has also moved into manufacturing through the
acquisition route by acquiring a pellet facility in Australia,
in addition to setting up Greenfield facilities in India.

BRPL is setting up a 4 MTPA beneficiation plant, 192 km long
slurry pipe line and a 4 MTPA pellet plant.  The total cost of
the project is estimated to be INR14625m with a debt to equity
ratio of 2:1.  The financial closure of the project was achieved
in October 2007 and BRPL is expected to commence production in
October 2009.  As per the financing agreements, sponsors cannot
dispose of the controlling interest in SIOHL (providing equity
contribution and additional funds required by BRPL) until the
final settlement date and will hold not less than 51% of the
paid up and voting equity capital in SIOHL.  Once operations
start, BRPL has to maintain a debt service coverage ratio of
1.50, current ratio of 1.33 and total outstanding liabilities to
total net worth ratio of 3.00.


GENERAL MOTORS: Reports 2.25MM Global Car Sales in 1st Qtr. 2008
----------------------------------------------------------------
General Motors Corp. sold 2.25 million cars and trucks around
the world in the first quarter of 2008, according to preliminary
sales figures released, with a record 64% of all sales occurring
outside the United States.  GM global first quarter sales were
down less than 1%.  Robust first quarter sales in GM's Latin
America, Africa and Middle East and Asia Pacific regions, and
improved sales in the GM Europe region helped offset a 10%
decline in GM North America.  Sales outside GMNA were up 8%
compared with last year.

"GM posted record sales in three of our four regions driven by
continued strong demand in emerging markets," John Middlebrook,
GM vice president, Global Sales, Service and Marketing
Operations, said.  "While the challenges of the U.S. economy
continue to put pressure on the automotive industry there, we
saw nearly 20% growth in the Latin America, Africa and Middle
East and 6% growth in the Asia Pacific region.  We're also very
pleased to see 3% growth in Europe, where we established a new
sales record with 572,000 vehicles sold.  We continue to see a
higher percentage of our business coming from outside the
developed markets - and the non-U.S. share of GM's global sales
of 64% clearly reflects that trend."

Chevrolet global sales of 1.08 million vehicles were up 3%
compared with a year ago, setting a first quarter record.  The
brand grew by 41% in GMAP, 30% in GME, and 21% in GMLAAM.

Globally, Hummer recorded 13,000 global vehicle sales with a 24%
gain in the GMLAAM region.  With the Hummer H2 and the V8-
powered H3 Alpha in North America, and production of the right
hand-drive H3 in South Africa, Hummer products are well-
positioned to respond to demanding customers' needs.

Cadillac posted sales increases outside of North America in the
first quarter, including a 62% surge in the GMLAAM region and a
15% increase in GME.

Opel and Vauxhall sold 431,000 vehicles in the first quarter of
the year.  The brands achieved segment leadership with Meriva
and Zafira in the monocab segment and second position with Astra
in the popular compact segment.

In the Asia Pacific region, GM had record sales of 411,000
vehicles that were 6% higher than the previous year, and GM
China sales of 312,000 vehicles posted a more than 7% sales
increase compared with 2007.  GM remained the top-selling global
automaker in China.  Wuling posted a 6% sales increase with
nearly 173,000 vehicles sold in the region.  GM India also set a
sales record in the quarter with sales up 58% to 18,000
vehicles.  GM sales in the region set a record for the quarter.

In the Latin America, Africa and Middle East region, GM sales
reached a first quarter record 323,400 vehicles, up nearly 20%
in volume compared with 2007 and GM sold an all-time March
monthly high of 111,300 vehicles.  Sales in Brazil were up 36%
for the quarter, a first quarter record.  First quarter sales
records were also set in Chile, Ecuador, Venezuela, Middle East
and Israel.  The Chevrolet Corsa, Celta and Aveo continued as
the top sellers in the region, representing 40% of total GM
sales.

In Europe, GM also set a quarterly sales record with deliveries
of 572,000 vehicles, up 3%.  Growth in Russia, up 78%, led the
increase.  Opel sold 23,500 vehicles in Russia, up 150%.  
Cadillac, Hummer, and Chevrolet set European sales records for
their brands.  Chevrolet achieved record sales of 132,000
vehicles, up 30%.

Continued softness in the U.S. market due to rising fuel prices
and concerns about housing and credit availability, resulted in
North America sales of 947,000 vehicles, a decline of 10%
compared with last year.  GM's U.S. mid-car and mid-utility
crossover segments saw volume and share gains on the strength of
mid-cars Chevrolet Malibu, Saturn Aura, and Pontiac G6, and mid-
utility crossovers GMC Acadia, Buick Enclave and Saturn Outlook.  
Cadillac CTS sales were up 55% compared with a year ago.  
Chevrolet Malibu sales were up 17% in the U.S.  Total GM U.S.
truck deliveries of 476,000 vehicles were down 15% compared with
the same period a year ago, while car deliveries of about
330,000 were off 6% compared with first quarter 2007.  However,
GM's total U.S. retail share of 21% was comparable with last
year's first quarter.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

As reported in the Troubled Company Reporter on March 26, 2008,
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.   The CreditWatch placement reflects S&P's
decision to review the ratings in light of the extended American
Axle (BB/Watch Neg/--) strike.
     
The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/B-3) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expects American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.

To resolve the CreditWatch listings, S&P's will assess the
strike's impact on the companies' credit profiles, particularly
liquidity, once production resumes.  S&P could lower the ratings
any time prior to a resolution of the Axle strike if the
liquidity of the companies becomes compromised, although
downgrades are not likely for another several weeks.

As reported in the Troubled Company Reporter on Feb. 28, 2008,
Fitch Ratings has affirmed the Issuer Default Rating of General
Motors at 'B', with a Rating Outlook Negative.

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of US$39 billion
for the third quarter of 2007 related to establishing a
valuation allowance against its deferred tax assets in the US,
Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


GMAC LLC: Lends US$468 Mil. to ResCap to Provide Liquidity
----------------------------------------------------------
Residential Funding Company and GMAC Mortgage LLC, both
subsidiaries of Residential Capital, LLC, borrowed $468 million
collectively under a Loan and Security Agreement with ResCap's
parent, GMAC LLC, as lender, to provide ResCap's subsidiaries
with a revolving credit facility with a principal amount of up
to
$750 million, providing incremental liquidity for ResCap's
operations until longer-term financing is arranged.

To secure the obligations of RFC and GMAC Mortgage under the
Loan and Security Agreement, RFC and GMAC Mortgage have pledged
as collateral, their servicing rights and related contractual
rights under certain pooling and servicing agreements and loan
servicing agreements with respect to pools of first- and second-
lien mortgage loans and home equity lines of credit.

This funding will bear interest at a floating rate equal to one-
month LIBOR plus 2.00%.  RFC and GMAC Mortgage may request loans
from the lender under the Loan and Security Agreement until
Oct. 17, 2008, at which point the loans mature, unless they are
repaid earlier when a third-party lending facility is put in
place secured by the servicing rights.  RFC and GMAC Mortgage
give representations, covenants and indemnities that are
customary in similar facilities.

ResCap has entered into a Guarantee pursuant to which it
guarantees the payment by RFC and GMAC Mortgage of their
obligations under the Loan and Security Agreement.

As reported in the Troubled Company Reporter on April 9, 2008,
GMAC LLC purchased $1.2 billion of ResCap's notes in open
market.  The notes have a fair value of approximately
$607,192,000 to ResCap in exchange for 607,192 ResCap Preferred
units with a liquidation preference of $1,000 per unit.  ResCap
canceled the $1.2 billion face amount of notes.  GMAC may, in
its sole discretion, on or before May 31, 2008, contribute up to
an additional approximately $340 million of ResCap notes, having
a fair value of approximately $265,779,000, for additional
ResCap Preferred units.  The ResCap Preferred ranks senior in
right of payment to ResCap's common membership interests with
respect to distributions and payments on liquidation, winding-up
or dissolution of ResCap.

ResCap and GMAC are investigating various strategic alternatives
related to all aspects of ResCap’s business, including
extensions and replacements of existing secured borrowing
facilities, and establishing additional sources of secured
funding for ResCap’s operations.  One potential source of new
secured funding is credit secured by certain of ResCap’s
mortgage servicing rights.

                   About Residential Capital

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit  
of GMAC Financial Services, which is in turn wholly owned by
GMAC LLC.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors  
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and
currently employs about 31,000 people worldwide.  At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion.  GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.


GMAC LLC: Risks to Liquidity Cue Moody's Rating Cut to 'B2'
-----------------------------------------------------------
Moody's Investors Service downgraded GMAC LLC's senior rating to
B2 from B1; the rating remains on review for further possible
downgrade.  This action follows Moody's rating downgrade of
ResCap LLC, GMAC's wholly-owned residential mortgage unit, to
Caa1 from B2.

The GMAC downgrade is based upon Moody's opinion that further
operating weakness at ResCap poses risks to GMAC's capital
position and liquidity that exceed previous estimates.  In
particular, Moody's believes that for ResCap to have continued
access to debt capital, GMAC may be required to provide
additional indications of support to the unit and that it is
likely to do so.   As noted in the ResCap related press release,
ResCap faces significant near-term refinancing needs.

GMAC has strategic significance to GM, as its exclusive provider
of consumer incentive financing for nearly all of its brands,
and as a provider of inventory floorplan loans to GM's dealer
base.  As a consequence, Moody's doesn't believe GMAC's owners
intend to compromise the firm's credit profile to the point of
weakening its ability to perform under its contractual asset
origination and servicing obligations to GM.  It is Moody's
belief, however, that the ResCap exposures that GMAC has
accumulated to date, and may yet further accumulate, represent a
risk concentration that could challenge the strength of the
GMAC's credit standing.

During its review, Moody's will examine GMAC's intentions for
supporting ResCap through its difficulties, as well as the terms
pertaining to any such support extension.

Moody's considers GMAC's stand-alone strengths in its auto
finance and insurance businesses to continue to provide support
to its rating profile.

Ratings downgraded and placed under review for further downgrade
include:

  -- Issuer rating: to B2 from B1

  -- Senior Unsecured: to B2 from B1

  -- Preferred Stock: to Caa2 from Caa1

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors  
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and
currently employs about 31,000 people worldwide.  At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion.  GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.


PERUSAHAAN LISTRIK: Awards Contracts for Two Power Plants
---------------------------------------------------------
PT Perusahaan Listrik Negara awarded last week contracts to
build two coal-fired power plants worth about US$890 million to
two groups, ANTARA News and Agence France-Presse report.

According to the reports, Sinohydro Corp. was awarded a contract
to build the Nagan Raya power plant in Aceh province while a
consortium consisting of China National Machinery Corp, China
National Electric Equipment Corp. and local company PT Penta Adi
Samudra, was awarded a contract to build the Tanjung Awar-Awar
plant in East Java province.

Both news agencies quote PLN President Fahmi Mochtar in
describing the details of the projects:

   (1) Nagan Raya plant:

       -- two generators with capacity of 110 megawatts each
       -- to be completed within 24 to 26 months

   (2) Tanjung Awar-Awar plant

       -- two generators each with capacity to generate 350 MW
       -- to be completed in 33 months

Antara and AFP relate that the two projects are part of PLN's
fast-track program to build new coal-fired power capacity of
10,000 megawatts.

                    About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity   
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

The Troubled Company Reporter-Asia Pacific reported on June 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.


TATA POWER: Completes Signing of US$4.2 Bil. Gujarat Power Deal
---------------------------------------------------------------
Tata Power Company Ltd, in a regulatory filing with the Bombay
Stock Exchange, disclosed that, on April 24, 2008, the company
completed the signing of financial agreements for the 4000 MW
Ultra Mega Power Project coming up at Mundra, Gujarat under the
Special Purpose Vehicle Coastal Gujarat Power Ltd.  The cost of
the project is estimated at INR17000 crores, or US$4.2 billion,  
with the first of the five units to be commissioned in
Sept. 2011.  The entire plant is expected to be commissioned by
end of 2012.

A Consortium of Banks including leading multilateral agencies
and Exim Banks are participating in the financing of this
project.  The financing comprises of equity of Rs 4250 crores,
External Commercial Borrowings of up to US$1.8 billion and Rupee
Loans of upto Rs 5550 crores.  

The External Commercial Borrowings include The Export-Import
Bank of Korea, International Finance Corporation, Korea Export
insurance Corporation, Asian Development Bank, BNP Paribas and
Rupee lenders Include SBI, India infrastructure Finance Co Ltd.,
Housing and Urban Development Corporation Ltd., Oriental Bank of
Commerce, Vijaya Bank, State Bank of Bikaner & Jaipur, State
Bank of Hyderabad, State Bank of Travancore and State Bank of
Indore.  SBI Caps are the Financial Advisors and Mandated Lead
Arranger for Rupee loans.

Speaking on the occasion, Mr. Prasad N Menon, Managing Director,
Tata Power said "The signing of the financing agreements for
Mundra UMPP is an important milestone.  The good response
demonstrates the faith of the lenders in our execution
capabilities and expertise to complete the project in time.  The
terms of debt financing provides us long tenure of loans
supporting our competetive bid price assumptions."

The 4000 MW Mundra Ultra Mega Power Project is the first of the
Mega Power Project, which heralds the entry of super critical
boiler technology In India for the first time and is
significantly environment friendly than the conventional ones
using sub-critical boiler technology.  The project site, approx
1000 Hectares is located south of Tunda Wand village in Mundra
Taluka, Kutch district of Gujarat.  The project consists of five
units, each of 800 MW which will generate saleable power of 3800
MW to be supplied to five states namely Gujarat, Maharashtra,
Rajasthan, Haryana and Punjab.  The super-critical technology
and the choice of unit sizes will help the project achieve
higher efficiency thus saving fuel and reducing greenhouse gas
emissions vis-à-vis conventional technology prevailing in the
country.

The Site preparatory works are in progress and orders for all
major equipments have been placed.  The company has signed the
contract for complete Boiler island scope on EPC basis with
Doosan Heavy Industries & Construction Co Ltd., Korea and
contract for supply of Steam Turbine Generators with Toshiba
Corporation.  The project has been comprehensively covered by a
seamless Insurance cover by Oriental Insurance Co Lied.

Tata Power Company Ltd -- http://www.tatapower.com/-- is a  
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                            *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds has been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.


TATA STEEL: Budgets INR80,000 Crore for 3 Greenfield Projects
-------------------------------------------------------------
Tata Steel, will spend INR80,000 crore on three of its
greenfield projects which will take its total capacity in India
to 35 million tonnes, The Hindu reports, citing company's
Managing Director, B. Muthuraman.

"By mid-2010, we will be 10 million tonnes in Jamshedpur, making
it the largest capacity in a single location in India," said
Mr. Muthuraman as quoted by The Hindu.

Giving a status report on the greenfield projects, Mr.
Muthuraman told The Hindu that in Orissa, after three years of
struggle to acquire land and after a satisfactory rehabilitation
and resettlement policy, Tata Steel was about to start
construction of the six million tonnes plant as soon as the
required iron ore was allotted.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro  
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating was removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.



=================
I N D O N E S I A
=================

ANEKA TAMBANG: ArcelorMittal Proposes Investment in the Company
---------------------------------------------------------------
ArcelorMittal  has expressed an interest in developing iron ore,
coal, nickel and manganese resources with Aneka Tambang,  John
Aglionby of The Financial Times reports.

According to FT, ArcelorMittal Chief Executive Officer Lakshmi
N. Mittal wrote to Indonesian President Susilo Bambang Yudhoyono
last week outlining the steel company's investment proposals.

Additionally, ArcelorMittal said it would like to buy a stake in
Krakatau Steel, Indonesia’s main state-owned steel producer, and
wanted to form a joint venture to build a new plant, Fahmi
Idris, Indonesia’s industry minister, was cited by FT as saying.

ArcelorMittal, FT relates, has budgeted up to $10 billion in
investments for the three projects.

                        About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,        
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2008, Moody's Investors Service upgraded PT Aneka
Tambang (Persero) Tbk's corporate family rating to Ba3 from B1.  
The action concluded the review for possible upgrade which
commenced on October 22, 2007.

On Dec. 4, 2006, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Indonesian state-owned
miningcompany PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.


BANK INTERNASIONAL: Reports IDR197.86 Billion 1Q Net Profit
-----------------------------------------------------------
Nury Sybli and Harry Suhartono of Reuters report that PT Bank
Internasional Indonesia Tbk reported net profit of IDR197.86
billion in the January-March quarter, up from IDR115.43 billion
in the same period last year.

Reuters relates that BII's net interest income climbed 15
percent to IDR715 billion, lifting its net interest margin to
5.27 percent from 4.87 percent a year earlier.

"Our performance is encouraging and in line with our
expectations. Good progress has been made in building up our
core loan and deposit business and improving our loan loss
provisions," BII's President Director Henry Ho said in a
statement, Reuters reports.

According to Nury Sybli and Harry Suhartono, Mr. Ho also warned
that "uncertainties in the global financial markets, the
tightening of credit spreads, and domestic inflationary
pressures from possible fuel and food price rises could affect
the Indonesian economy and banking industry."

                     About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--  
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter-Asia Pacific reported on March 3,
2008, Fitch Ratings affirmed PT Bank Internasional Indonesia
Tbk's (BII) long-term foreign currency Issuer Default Rating at
'BB', following Fullerton Financial Holdings' announcement of
its intentions to pursue the sale of its interest in BII.  FFH
is a wholly owned subsidiary of Temasek Holdings.

On October 19, 2007, Moody's Investors Service raised the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Internasional Indonesia Tbk.

   -- The issuer/foreign currency subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.


GARUDA INDONESIA: Diplomat Wants New Zealand Flights Restored
-------------------------------------------------------------
ANTARA News relates that an Indonesian diplomat based in
Wellington said Garuda Indonesia should restore straight flights  
from the main cities in New Zealand to Denpasar and Jakarta
because a lot of New Zealand residents want to visit Bali.

"We believe that Garuda is not only important as a flight
carrier, but especially as a national flag carrier, as well as
an effective means of promotion," chief spokesman at the
Indonesian embassy in Wellington, First Secretary Tri Purnajaya
told ANTARA last week.

According to Mr. Tri, the Indonesian ambassador to New Zealand
Amris Hassan wrote to the Indonesian House of Representatives,
the minister of transportation, the minister of foreign affairs
and some other relevant circles in Indonesia to remind them of
"the importance of Garuda Indonesia in New Zealand."

However, the report notes, the Garuda management had decided
otherwise, although the airline is planning to establish
cooperation with LAN of Chile regarding flights from New Zealand
to Indonesia.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--   
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Sept. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


HUMPUSS INTERMODA: Moody's Assigns B2 Foreign Currency Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a foreign currency
corporate family rating of B2 to PT Humpuss Intermoda
Transportasi TBK ("HIT") and a provisional (P)B2 senior
unsecured rating to the proposed bonds to be issued by Humpuss
Sea Transport Pte Ltd ("HST") and guaranteed by HIT.

At the same time, PT Moody's Indonesia has downgraded the
domestic secured bond rating of HIT from A3.id to Baa1.id. The
outlook for all the ratings is stable. This concludes the rating
review initiated on 10 March 2008.

The proposed US$50 million bonds are intended to fund deposit
payments for the bareboat charter obligations for four panamax
bulk carriers. Moody's expects to affirm the bond rating and
remove it from its provisional status upon completion of the
issuance.

"The B2/Baa1.id ratings reflect HIT's less aggressive business
plan to defer its capital expenditures for the fleet expansion,
making it more manageable relative to its financial strength,"
says Peter Choy, a Moody's Vice President and Senior Credit
Officer, adding "However, its expansion into the dry bulk market
will increase the execution and financial risk of the company.

"Whilst the new business plan addresses HIT's revenue
concentration risk, the company will be exposed to the more
volatile dry bulk sector when compared with stable cash flow
generated from the long term charter of LNG business with
Pertamina," comments Choy.

At the same time, the ratings are supported by Humpuss' plan to
develop a more diversified fleet for its dry bulk business and
by the relatively favourable domestic regulatory environment for
local ship operators such as Humpuss.

"The projected financial profile of the company -- with
EBITDAR/interest of around 3.5x and Adjusted Debt/EBITDAR of
4.8x -- 5.2x, including adjustment of 8 times capitalized
charter payments -- more appropriately positions the company at
the current ratings level," says Choy.

The ratings outlook is stable reflecting Moody's expectation
that HIT will prudently mange its fleet expansion within
available funds and hedge its volatile charter rates to ensure
the panamax bulk carriers are profitable.

Upward rating pressure is unlikely in the near future given its
expansion plan. However, it could emerge in the long term if HIT
successfully manages its new dry bulk business, stabilizes its
business profile, and achieves projected results, such that
Adjusted Debt/EBITDAR falls below 3.5x -- 4.0x and
EBITDAR/interest improves to 4.5x -- 5.0x.

On the other hand, downward rating pressures could evolve if HIT
(1) records declining profitability with EBITDAR margin falling
below 45%; and/or (2) fails to achieve its business plan with
debt leverage deteriorating to Debt/EBITDAR beyond 5.5x -6X and
EBITDAR/interest falls below 2.5 -- 2.0x on a sustainable basis.

Established on 21 December 1992, PT Humpuss Intermoda
Transportasi Tbk ("HIT") is Indonesia's national shipping
company for Liquefied Natural Gas ("LNG"), crude oil, coal,
chemical and other cargos. The company also provides vessel
crews and management services to vessel owners.

Its parent the Humpuss Group -- through PT Humpuss and Humpuss
Inc -- owns 72.01% of the company's shares.

Moody's National Scale Ratings are not intended to be globally
comparable. Moody's also emphasizes that its National Scale
Ratings are not opinions on absolute default risk. In this
respect, they are different to the Moody's global scale ratings
which have been assigned to Indonesian or other national
institutions, and which do not carry the ".id" suffix.


PT INCO: Reports US$139.6 Million 1st Quarter Net Income
--------------------------------------------------------
PT International Nickel Indonesia Tbk reported unaudited net
earnings of US$139.6 million for the first quarter of 2008,
compared to net earnings of US$227.8 million for the first
quarter of 2007.  Sales of US$380 million in the first three
months of 2008 compared to US$446.7 million in the corresponding
quarter of 2007.  Lower sales revenue was primarily due to a
lower average realized price for nickel in  matte.  Production
of nickel in matte for the first quarter of 2008 was 20,136
metric tons, compared to 17,980 metric tons in the same period
in 2007.  
  
“We achieved higher output than at the same time last year, of
the increase approximately 1,200 metric tons was due to
deferring our planned shutdown for electric furnace maintenance
to April 2008 and the balance due to better operations. The
production number representing over 25 per cent of the higher
end of our 2008 production target of 78,000-to-79,000 metric
tons,” said Arif Siregar, the Company’s President Director. “The
Company achieved this result in light of improved nickel grade,
maintained power availability to our electric furnaces
and improved production efficiencies despite the fact that we
experienced lower precipitation level in our main catchment area
compared to the same period in 2007.”

“It is our strategy in the current higher nickel price
environment to increase production output by adding fossil fuel
fired generators that provide the Company with increased revenue
relative to the additional marginal cost” added Mr. Siregar.
  
PT Inco’s realized price for nickel in matte averaged US$21,187
per metric ton in the first quarter of 2008, compared to
US$29,149 per metric ton in the corresponding period in 2007
and US$23,816 per metric ton in the fourth quarter of 2007.  

Unit cash cost of production in the first quarter of 2008 rose
20 per cent to US$8,857 per metric ton from US$7,386 per metric
ton in the same quarter of 2007. This increase was primarily due
to the higher price of high sulphur fuel oil (HSFO) and the
higher price and usage of diesel. These increases were partially
offset by lower employee costs.

In the first quarter of 2008 we used 676,321 barrels of HSFO, a
decrease from first quarter 2007 usage of 708,839 barrels.  
However, the average cost of HSFO rose to US$75.63 per barrel in
the first quarter of 2008 when compared to the average cost of
US$48.73 per barrel paid during the same period in 2007. PT Inco
also consumed 47,640 kilolitres of diesel fuel at an average
cost of US$0.75 per litre, up from 28,996 kilolitres at US$0.53
per litre in the first quarter 2007. The significant increase in
diesel usage was mainly due to the addition of 32 diesel
generators acquired and put into use in May and June 2007.  

“We are assessing and implementing initiatives to enhance cost-
efficiency and de-link part of our cost structure from the price
of oil.  In the short term, we are ensuring that hydroelectric
generating facilities could produce maximum power to our
electric furnaces by continuing our efforts on cloud seeding and
energy conservation. In addition, we are now rebuilding our
steam turbine generator which will operate at a lower cost when
compared to diesel generators. In the medium run, we will be
completing our coal conversion project which gives us
flexibility to use coal. In the longer term, we will further
reduce energy cost by completing our third hydroelectric power
generating facility on the Larona River at Karebbe,” continued
Mr. Siregar.

Cash provided by operating activities was US$74.4 million in the
first quarter of 2008, down from US$291.5 million in the same
quarter last year. This decrease was mainly because of
lower receipts from customers as we recorded lower average
realized price and higher payments to suppliers due to higher
energy prices. Corporate tax payments during the first
quarter of 2008 rose to US$156.1 million from US$134.0 million
in the same period of 2007.  The net increase in cash and cash
equivalents of US$43.8 million brought the quarter-end
2008 cash and cash equivalents balance to US$338.1 million,
higher than the US$294.3 million at December 31, 2007.

Cash capital expenditures were US$28.0 million in the first
quarter of 2008, down from US$28.6 million in the prior year
period. PT Inco plans capital spending of US$212 million in
2008, including: growth capital projects of US$64 million,
sustaining capital expenditures of US$77 million, and US$42
million for environment, health and safety.

Prior to March 31, 2008, certain provisions of the Company’s
1968 Contract of Work were still in effect.  On that date these
provisions expired and the certain provisions of the Extended
and Modified Contract of Work agreed in December 1995 came into
force. With the passing of this important milestone at the end
of the first quarter, the Company requested that its the first
three months ended March 31, external auditor audit the accounts
of the Company for 2008.  PT Inco will publish its audited
financial results by June 30, 2008.

Under the Company’s long-term U.S. dollar-denominated sales
contracts, the selling price of its nickel in matte is
determined based on the greater of Vale Inco Limited’s net
average realized price for nickel or a formula based on the
London Metal Exchange cash price for nickel.

At March 31, 2008, the Company’s inventories of nickel in matte
were 3,230 metric tons, compared with 747 metric tons at
December 31, 2007 and 3,544 metric tons at March 31, 2007.
Variations in inventories and deliveries are largely due to
shipment scheduling.  

A full-text copy of PT Inco's first quarter 2008 financial
results is available for free at:

   http://bankrupt.com/misc/PT_Inco_Press_Release-Q1-2008.pdf

                          About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer  
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *     *     *

As of October 29, 2007, the company carried Standard and Poor's
Ratings Service's "BB-" long-term foreign and local issuer
credit ratings; and Fitch Rating's "BB" LT Issuer Default
rating.


SEMEN GRESIK: Reports IDR455.29 Billion 1st Quarter Net Profit
--------------------------------------------------------------
PT Semen Gresik reported net profit of IDR455.29 billion in the
first quarter of 2008, compared with IDR329.92 billion in the
same period last year, Asia Pulse reports citing newspaper
Bisnis Indonesia.

According to Bisnis Indonesia, Asia Pulse notes, Semen Gresik
reported IDR2.52 trillion in income in the three-month period;
company sources attributed the increase in the firm's sales to
"growing property sector and brisk development of infrastructure
projects necessitating a larger supply of cement."

                         About Semen Gresik

PT Semen Gresik Tbk is the largest cement player in Indonesia
with a 46% market share.  It has a total production capacity of
16.9 mtpa with facilities located in Tuban, Padang and Tonasa.
As of June 2007, SGG was 51% owned by the government and 24.9%
by the Rajawali Group, with the remaining shares publicly held.

The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Moody's Investors Service assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk.  At the same time, Moody's assigned the company a
national scale rating of Aa2.id.  The outlook for both ratings
is stable.



=========
J A P A N
=========

ELPIDA MEMORY: Inks Technology Partnership With Qimonda AG
----------------------------------------------------------
Elpida Memory Inc. and Qimonda AG, both global memory suppliers,
signed a Memorandum of Understanding for a technology
partnership on joint development of memory chips (DRAMs).

In the planned cooperation, Qimonda will provide its know-how
with the innovative buried wordline technology and Elpida its
advanced stack capacitor technology.  The strategic technology
cooperation will leverage the strength of both companies to
accelerate their roadmap to DRAM products featuring cell sizes
of 4F2.  The companies plan to introduce the jointly developed
innovative 4F2 cell concept in the 40nm generation in calendar
year 2010 and to subsequently scale it to the 30nm generation.

"This strategic cooperation with Elpida is a tremendous
endorsement of our innovative buried wordline technology," said
Kin Wah Loh, President and CEO of Qimonda AG.  "Qimonda will
leverage this partnership to significantly accelerate the
introduction of small 4F2 cell sizes.  This technology alignment
of two major DRAM innovators creates excellent opportunities for
greater economies of scale in R&D and future joint manufacturing
activities."

Yukio Sakamoto, President and CEO of Elpida said "Our R&D effort
has given us the lead in DRAM technology.  In the tough,
competitive industry that we are in, however, faster and more
efficient development of new process technologies is becoming
critically important.  We believe this joint development
agreement with Qimonda will further accelerate and strengthen
our technology leadership, putting us on a path to the top
position in the DRAM market."

The companies plan to jointly develop technology platforms and
design rules to enable both exchange of products and potential
manufacturing joint ventures. Both companies target to align
their development activities at their respective sites in
Hiroshima and Dresden, including the exchange of engineers.  
Additionally, the companies also have agreed to explore joint
development opportunities in the areas of Through Silicon Via
Technology and future memories.

Following the Memorandum of Understanding, Elpida and Qimonda
expect to conclude their negotiations and finalize definitive
agreements in due course.

                       About Qimonda

Qimonda AG (NYSE: QI) is a leading global memory supplier with a
broad diversified DRAM product portfolio.  The company generated
net sales of EUR3.61 billion in its financial year 2007 and had
approximately 13,500 employees worldwide.  Qimonda has access to
five 300mm manufacturing sites on three continents and operates
six major R&D facilities.  The company provides DRAM products
for a wide variety of applications, including in the computing,
infrastructure, graphics, mobile and consumer areas, using its
power saving technologies and designs.

                      About Elpida Memory

Elpida Memory, Inc. -- http://www.elpida.com.-- is a leading  
manufacturer of Dynamic Random Access Memory (DRAM) integrated
circuits. The company's design, manufacturing and sales
operations are backed by world class technology expertise. Its
300mm manufacturing facilities, Hiroshima Plant and a
Taiwan-based joint venture Rexchip Electronics, utilize the most
advanced manufacturing technologies available. Elpida's advanced
portfolio features such characteristics as high-density,
high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications,
including high-end servers, mobile phone and digital consumer
electronics.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 10,
2007, that Standard & Poor's Rating Services assigned a BB- for
Elpida Memory Inc.'s long-term corporate credit rating with a
stable outlook reflecting the company's heavy financial burden,
which is required to make regular large investments to maintain
and improve its competitiveness.


ELPIDA MEMORY: To Buy Single-Digit Percentage Stake in ProMOS
-------------------------------------------------------------
Elpida Memory Inc. and ProMOS Technologies have reached an
agreement under which Elpida will buy a single-digit percentage
stake through a private placement, Reuters reports citing
unnamed sources.

The transaction will make Elpida a third biggest shareholder in
ProMOS, Reuters' sources said.

Both companies did not provide any comments about the deal when
asked by Reuters.

                      About Elpida Memory

Elpida Memory, Inc. -- http://www.elpida.com.-- is a leading  
manufacturer of Dynamic Random Access Memory (DRAM) integrated
circuits. The company's design, manufacturing and sales
operations are backed by world class technology expertise. Its
300mm manufacturing facilities, Hiroshima Plant and a
Taiwan-based joint venture Rexchip Electronics, utilize the most
advanced manufacturing technologies available. Elpida's advanced
portfolio features such characteristics as high-density,
high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications,
including high-end servers, mobile phone and digital consumer
electronics.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 10,
2007, that Standard & Poor's Rating Services assigned a BB- for
Elpida Memory Inc.'s long-term corporate credit rating with a
stable outlook reflecting the company's heavy financial burden,
which is required to make regular large investments to maintain
and improve its competitiveness.


MITSUBISHI MOTORS: FY2007 Net Income Increases to JPY34.7 Bil.
--------------------------------------------------------------
Mitsubishi Motors Corporation announced its full-year results
for the year ended March 31, 2008, together with forecasts for
the year ended March 31, 2009.

Mitsubishi Motors reported a net income of JPY34.7 billion, an
improvement of JPY26.0 billion over fiscal 2006.  Factors
holding back an even greater improvement in the net position
include operational restructuring costs stemming from the
closure of the body assembly plant at Mitsubishi Motors
Australia Ltd., the writing off of impairment losses in Japan
and America.

Mitsubishi Motors' consolidated sales for fiscal 2007 totaled
JPY2.682 trillion, a 22 percent increase of JPY479.2 billion
over the previous fiscal year.  Factors behind the improved
performance include a 10 percent growth in global retail sales
over fiscal 2006, the commencement of OEM vehicle supplies to
PSA Peugeot Citroen and favorable yen exchange rates.

Mitsubishi Motors posted an operating profit of 108.6 billion, a
2.7-fold increase of JPY68.4 billion over the previous
fiscal year.  This significant improvement stems from growth in
sales volume and a more profitable model mix in the company's
Europe and Asia & Other regions, the aforementioned favorable
exchange rate, and cost reductions.  These together more than
offset the higher sales costs accompanying the launch of new
models in America and factors including reduced profit at the
company's auto financial service operations in America last
year.

                       Sales Volume

Global retail sales of vehicles in fiscal 2007 totaled 1,359,000
vehicles, a 10 percent increase of 129,000 compared to the
1,230,000 sold in fiscal 2006.

In Japan, MMC sold 219,000 vehicles, a year-on-year decrease of
11 percent or 28,000 units in a difficult domestic market which
showed no signs of recovery.  The introduction of the Delica
D:5, the new Galant Fortis sedan (Lancer in overseas markets)
and Lancer Evolution X (Lancer Evolution in overseas markets)
models during fiscal 2007 helped the company to record an
increase in registered car (i.e. vehicles other than minicars)
sales volume.

In North America, the company sold 172,000 vehicles, a 5.0
percent increase over fiscal 2006.  Sales volume slipped during
the second half of the year, impacted by the sub-prime credit
crunch, which has brought greater uncertainty to the prospects
for the American market, along with fiercer competition.  But
fast sales of the Outlander and Lancer models, particularly in
the first half of the year, and a 51 percent increase in sales
in Canada allowed the company to post the 5.0 percent increase
for the full year.

In Europe, Mitsubishi Motors sold 341,000 vehicles, a strong 21
percent increase of 59,000 units. This growth was driven by
continuing brisk business in Russia which saw a 54 percent
year-on-year increase in sales to top 100,000 units for the
year, by a doubling of sales in Ukraine for the second
consecutive year, and by a strong 44 percent-plus increase in
sales in the countries of Central Europe.
In Asia and other regions, Mitsubishi Motors sold 627,000
vehicles, a 17 percent increase of 90,000 units over the
previous year.  Firm sales of the Triton pickup and Pajero SUV
in Latin America, the Middle East and Africa were complemented
by increases in sales volume in Thailand, Indonesia, the
Philippines and other countries in the Asia/ASEAN region.

                Forecasts for Fiscal 2008

In fiscal 2008 Mitsubishi Motors will aim for a 3 percent
increase to 1,128,000 units in world market sales of built-up
vehicles as it promotes sales of its global models.  In light of
declining export shipments of parts for assembly in North Asia
and ASEAN nations, and expected declines in Japan and North
America where demand is flat, the company forecasts total global
retail sales volume of 1,309,000 units, 4 percent or 50,000
units down compared to fiscal 2007.

Regional sales forecasts:

   * Japan: 207,000 vehicles, a 5 percent decrease of 12,000     
     over the previous year;
   
   * North America: 145,000 vehicles, a 16 percent decrease of   
     27,000 due partly to the company's repositioning of Puerto  
     Rican sales to its Asia and Other region;

   * Europe: 388,000 vehicles, a 14 percent increase of 47,000;  
     and

   * Asia & Other: 569,000 vehicles, a 9 percent decrease of     
     58,000 due in part to the impact of lower export shipments  
     of parts to PROTON Holdings Berhad in Malaysia, which is to
     cease assembly of Mitsubishi based cars.

Given the decreases in sales volume outlined above and the
adverse effect of the stronger Japanese yen, for fiscal 2008
Mitsubishi Motors forecasts net sales of JPY2.650 trillion, a 1
percent decrease of JPY32.1 billion over fiscal 2007.  The
company predicts an operating profit of JPY60 billion, JPY48.6
billion down on fiscal 2007, this decrease being due to such
profit- impacting factors as the substantial weakening of the
Japanese yen and sharp increases in raw material costs.  The
company will minimize the impact of these factors with higher
earnings from increased sales volumes and more profitable model
mixes in its Europe and Asia & Other regions, as well as by
reducing material costs and by implementing operational
restructuring.

Mitsubishi Motors forecasts an ordinary profit of JPY48 billion,
a year-on-year decrease of JPY37.7 billion, and a full-year
net profit of JPY20 billion, JPY14.7 billion down on fiscal
2007.

               Operational Measures by Region

Corresponding to the first year of Mitsubishi Motors' new Step
Up 2010 mid-term business plan, fiscal 2008 will be a year in
which the company will engage in measures and initiatives
covering all areas of its activities including production, sales
and alliances as it works to sesure steady progress in the
primary aim of the plan, "Building the foundations of growth."

Japan

   * Strengthen lineup by introducing new models
     The company plans to bring to market a new minicar wagon,   
     the Galant Fortis sport hatchback model and a new small     
     commercial vehicle.

   * Increase profitability in new models
     Increase percentage of dealership sales by boosting sales   
     skills and abilities.

   * Increase customer loyalty, long-term Mitsubishi           
ownership
     Improve after-sales service products and increase customer  
     satisfaction through better care and people skills.

   * Increase efficiency of sales structure
     Build high-efficiency sales network and open regional       
     stores to attract customers.

North America

   * Strengthen new Lancer series lineup.
     Add Lancer Evolution with Twin Clutch SST (Sport Shift      
     Transmission) automated manual transmission, Lancer         
     Ralliart and a Lancer sport hatchback model to lineup.

   * America
     Continue measures designed to reinvigorate the dealer       
     network.
     Continue cost-cutting programs at the local production      
     facility.
     Expand export destinations for locally built models.

   * Canada
     Expand sales network and strengthen after-sales service     
     structure.

Europe

   * Strengthen new Lancer series lineup
     Add Lancer Evolution and Lancer sport hatchback to lineup.

   * Western Europe
     Introduce low-CO2 emission Colt model with "idling stop"    
     feature.

   * Central Europe
     Expand sales of SUV models.

   * Transfer production of Europe-bound models from Okazaki     
     and Mizushima Plants to NedCar.
     Europe-bound Outlander
     New SUV for PSA Peugeot Citroen

   * Expand sales network in Russia, Ukraine
     Russia: From 106 outlets in FY07 to 126 outlets in FY08
     Ukraine: From 50 outlets in FY07 to 65 outlets in FY08

Asia and other regions

   * China
     Expand built-up import car operations; maintain Mitsubishi  
     brand sales network.

   * Korea
     Consider entry into built-up car import business.

   * Thailand
     Strengthen production structure with establishment of new   
     engine factory.
     Start production and export of pickup truck-based SUV       
    model.

   * Latin America, Middle East and Africa
     Establish company in overall control of sales, marketing,   
     parts and after-sales services. (Latter half of 2008)

   * Australia
     Beef up built-up import lineup.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
July 10, 2007, that Rating and Investment Information, Inc.
lifted its issuer rating from 'B' to 'B+' with a stable outlook.
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program.  The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


MITSUBISHI MOTORS: Books JPY21.3BB Extraordinary Loss for FY08
----------------------------------------------------------------
Mitsubishi Motors Corporation booked an extraordinary loss
totaling JPY21.3 billion for the fiscal year ended March 31,
2008.

The losses stem from impairment losses incurred by the company's
American subsidiary Mitsubishi Motors North America, Inc. (MMNA)
and from impairment losses relating to sales-related assets in
Japan.

The principal reason for the losses in America is the company
employed impairment accounting methods for production plant and
equipment due to the fall in demand accompanying the slow-down
in the American economy and increased competition.  The
impairment loss at MMNA totaled JPY15.2 billion.

        Australian Subsidiary Factory Closure Costs

The company booked an extraordinary loss of JPY14.6 billion in
its consolidated financial results for the term ending March 31,
2008 for costs related to the closure of the factory at its
Australian subsidiary Mitsubishi Motors Australia Ltd. (MMAL).
The company and MMAL announced on February 5, 2008 that in order
to achieve long-term growth they would withdraw from local
production operations and focus on sales of imported built-up
vehicles.  The company has booked an extraordinary loss of
JPY14.6 billion in its fiscal 2007 consolidated results to cover
some of the restructuring and other costs related to the closure
of the factory.

The company said that it would take a charge of JPY22.0 billion
in relation to the closure but, in the end, has booked a total
loss of JPY19.8 billion, this including operating and other
expenses.

  Gain on Allowance for Doubtful Accounts and on Allowance for   
                          Guarantees

The company booked an extraordinary gain of JPY2.2 billion in
its consolidated financial results for the term ending March 31,
2008 from its allowance for doubtful accounts because of a
decrease in accounts receivable.

The company also booked an extraordinary gain of JPY26.6 billion
in its non-consolidated financial results for the term ending
March 31, 2008 against its allowance for doubtful accounts and
an extraordinary profit of JPY7.4 billion against its allowance
for guarantees due primarily to a recovery in net asset value at
its European subsidiary.  This accounting method has not
affected the consolidated financial results.

          Unrealized Loss on Subsidiary Company Shares

The company booked in its non-consolidated financial results for
the term ending March 31. 2008 an extraordinary loss of JPY80.7
billion (of the JPY80.7 billion charge, the company has already
announced in its FY07 first-half results that it had booked
JPY5.8 billion as an unrealized loss on its subsidiary shares
due to a drop in the net asset value of its Australian
subsidiary) to cover declines in net asset value at its American
and Australian subsidiaries for the reasons given.  This
accounting method has not affected the consolidated financial
results.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
July 10, 2007, that Rating and Investment Information, Inc.
lifted its issuer rating from 'B' to 'B+' with a stable outlook.
Also, R&I affirmed its 'B' rating for its domestic commercial
paper program.  The upgrade in rating, according to the report,
is due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


XM SATELLITE: Dec. 31 Balance Sheet Upside-Down by $984 Million
---------------------------------------------------------------
XM Satellite Radio Holdings Inc.'s consolidated balance sheet at
Dec. 31, 2007, showed $1.609 billion in total assets,
$2.534 billion in total liabilities, and $59 million in minority
interest, resulting in a $984 million total stockholders'
deficit.

At Dec. 31, 2007, the company's consolidated balance sheet also
showed strained liquidity with $386 million in total current
assets available to pay $789 million in totla current
liabilities.

The company reported a net loss of $239 million for the fourth
quarter of 2007 compared to a net loss of $257 million for the
fourth quarter of 2006.  Full year net loss was $682 million,
compared with a net loss of $719 million in 2006.

Total revenue increased year over year by 22% percent to
$1.137 billion.  XM added 1.4 million net new subscribers ending
2007 with more than 9 million subscribers, an 18% increase over
the prior year.  In 2007, XM's automotive partners increased
production of XM-equipped vehicles by 64% over 2006, with
3.5 million installs.

"XM substantially improved its business operations in 2007 as we
grew our subscriber base and revenues and narrowed our loss,
positioning us as a stronger and more focused company better
positioned to meet the competitive challenges of the future,"
said Nate Davis, president and chief executive officer, XM
Satellite Radio.  "XM has doubled its revenues in the last two
years and our investment and robust performance in the new car
market  establishes a clear path for sustained future growth."

For the fourth quarter of 2007, XM reported total revenue of
$308 million, an increase of 20% over the $257 million total
revenue reported in fourth quarter of 2006.  

Full year 2007 adjusted operating loss was $238 million, which  
included merger and settlement charges of $86 million, versus an
adjusted operating loss of $166 million in 2006.  

Fourth quarter adjusted operating loss was $117 million, which
included $58 million of the aforementioned $86 million of merger
and settlement charges, versus an adjusted operating loss of
$70 million in the fourth quarter of 2006.

Adjusted operating loss is net loss before interest income,
interest expense, income taxes, depreciation and amortization,
loss from de-leveraging transactions, loss from impairment of
investments, equity in net loss of affiliate, minority interest,
other income (expense) and share-based payment expense.  
Adjusted operating loss is a non-GAAP measure used by the
company to measure operating performance between periods.

                         Proposed Merger  

On Feb. 19, 2007, XM Satellite Radio Holdings Inc. and Sirius
Satellite Radio Inc. entered into an Agreement and Plan of
Merger, pursuant to which XM and Sirius will combine its
businesses through a merger of XM and a newly formed, wholly
owned subsidiary of Sirius.

SIRIUS and XM each obtained stockholder approval for the deal in
November 2007.  The pending merger is still subject to approval
of the Federal Communications Commission.

                 Liquidity and Capital Resources

Since inception through Dec. 31, 2007, the company has raised
proceeds of $4.5 billion, net of offering costs, through equity
and debt offerings.  The company's principal sources of
liquidity are its existing cash and cash equivalents and cash
receipts for pre-paid subscriptions.  The company also has
access to  significant liquidity through its bank revolving
credit facility (of which $187.5 million has been drawn through
Feb. 28, 2008) and its GM credit facility.

During 2007, net cash provided by financing activities was
$224.7 million; consisting of $288.5 million of proceeds from
financing of a consolidated variable interest entity offset
partially by the repayment of $38.9 million related to the
mortgages on the company's corporate facilities, $13.7 million
in capital lease payments and $9.5 million in payments made to
the company's minority interest holder.

During 2007, net cash used in operating activities was
$154.7 million, consisting of a net loss of $682.4 million
adjusted for net non-cash expenses of $356.3 million and
$171.3 million provided by working capital as well as other
operating activities.  Included in cash provided by working
capital is a $87.7 million increase in Subscriber deferred
revenue, as a result of subscribers signing up for discounted
annual and multi-year pre-payment plans and $73.5 million
increase in Accounts payable, accrued expenses and other
liabilities.

During 2007, net cash used in investing activities was
$131.5 million, consisting of $133.3 million in capital
expenditures for the construction of XM-5 and computer systems
infrastructure, partially offset by $1.8 million received from
the maturity of restricted investments.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2007, are available for
free at http://researcharchives.com/t/s?2b13

                        About XM Satellite

About XM Satellite

Headquartered in Washington, D.C., XM Satellite Radio Inc.
(Nasdaq: XMSR) -- http://www.xmradio.com/-- is a wholly owned   
subsidiary of XM Satellite Radio Holdings Inc.  XM has been
publicly traded on the NASDAQ exchange since Oct. 5, 1999.  XM's
2007 lineup includes more than 170 digital channels of choice
from coast to coast: commercial-free music channels, premier
sports, news, talk, comedy, children's and entertainment
programming; and the most advanced traffic and weather
information.  XM has broadcast facilities in New York and
Nashville, and additional offices in Boca Raton, Fla.;
Southfield, Mich.; and Yokohama, Japan.
                          *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said its ratings on
Washington, District of Columbia-based XM Satellite Radio
Holdings Inc. and XM Satellite Radio Inc. (CCC+/Watch
Developing/--) remain on CreditWatch with developing
implications, where S&P originally placed them on March 4, 2008,
due to S&P's concerns over standalone refinancing risks XM might
face if its merger with Sirius Satellite Radio Inc. (CCC+/Watch
Developing/--) wasn't approved.


* Moody's Report: Negative Outlook for Japanese Food Industry
-------------------------------------------------------------  
Moody's Investors Services notes in a new report that the
outlook for the Japanese food industry is negative.

According to the report, entitled "Japanese Food Industry:
Earnings pressure continues due to rising costs," rising costs
for raw materials continue to pressure earnings. In addition,
the domestic food market continues to shrinking due to a rapidly
aging population and decreasing birth rate. It is also suffering
from over-saturation because of the industry's numerous players
-- which could lead to alliances and consolidations during
fiscal year 2008.

"At this point, if companies want to sustain revenue and
earnings in a mature market, product development, differentiated
product line-ups, strong brand equity, and enhanced marketing
ability will be paramount," writes Mina Sawamura, Moody's
analyst and author of the report, "as well as balancing business
and financial strategies for ratings stability."

"Also, consolidation efforts -- to enhance operating franchises
and improve diversification in core businesses -- could have a
positive ratings impact in the medium term, if the ensuing
financial burden is manageable."

The rated companies have mitigated negative pressure by raising
retail prices, cutting costs, and improving operating
efficiency. The challenges in 2008 will be how to respond to
ongoing increases in the cost of materials in a shrinking
domestic market, as well as dealing with food safety and
compliance issues.

Retailers' buying power continues to grow, due to recent
consolidations. However, family budgets remain weak. The
operating environment for the food companies will only
intensify, writes Sawamura.

Most of the food companies have already completed at least one
major round of restructuring, in the quest to develop greater
earnings stability and build up a strong enough cushion against
higher operating costs. Moreover, the Japanese food companies,
despite their lower profitability (compared to global peers),
have less leverage and more stable cash flow, which Moody's has
incorporated into its current ratings -- and which provides the
rationale for relatively higher ratings.

Moody's therefore does not expect many rating changes over the
next year, as we believe that the rated companies will maintain
their balance sheets at least at current levels -- even as they
implement growth strategies in the fierce operating environment.



=========
K O R E A
=========

HYUNDAI MOTORS: First Quarter 2008 Sales Up 22% to KRW8.2 Tril.
---------------------------------------------------------------
Hyundai Motor Company's first quarter 2008 sales rose 22% to
KRW8.2 trillion from KRW6.7 trillion a year earlier, while
operating profit jumped 61% to KRW529.1 billion.

Net profit rose 27.7% to KRW392.7 billion from KRW307.4 billion
a year earlier.

The company sold 442,971 units in the first quarter, a 14.3%
increase from a year earlier, boosted by a better product mix
which was led by higher sales of mid to large sedans.

First quarter sales rose on an improved product mix, led by
higher sales of mid- to large-size sedans.  The company also
strengthened its cost competitiveness through its cost-cutting
efforts which were widely implemented since last year.  A weaker
won currency also benefited sales.

Hyundai Motor has been able to establish an ideal sales
structure that isn't largely affected by the economic situation
of just one region.  The company's continuous efforts to
diversify its settlement currency and cut costs are now showing
through its stable sales growth.

The new plant openings in China and India this year will give
Hyundai Motor a competitive advantage over global peers by being
able to actively respond to rising demand in emerging markets,
which are leading the demand in the global automotive industry.

Domestic sales increased 10.9% to 158,227 units, led by Hyundai
Motor's first premium sedan Genesis and Sonata Transform, whose
engine performance and interior design was greatly improved.

Exports increased 16.3% to 284,744 units, led by higher sales of
i30's to Europe and rising demand from emerging markets.

Revenue rose 22% to KRW8.2 trillion on increased unit sales,
improved product mix and a weaker won.  Operating profit margins
also increased 6.5%, up 1.6 percentage points from a year
earlier.

Hyundai Motor is seeking ways to maximize the benefits of the
favorable currency situation to improve the company's future
competitiveness.  Hyundai Motor will improve dealer networks and
continue promoting its image-related advertisements to raise
brand awareness in advanced markets.  The company will actively
carry out marketing activities in emerging markets to gain a
strong foothold on the market.

Hyundai Motor also plans to expand its cost cutting efforts to
overseas plants such as China and India, to achieve global cost
competitiveness.

                      About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the  
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company re-established itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.


MAGNACHIP SEMICONDUCTOR: Incurs US$67.9 Mil. Net loss in 1Q 2008
----------------------------------------------------------------
MagnaChip Semiconductor disclosed the results for the first
quarter ended March 30, 2008.

Revenue for the three months ended March 30, 2008 was US$203.1
million, compared to US$151.8 million in the first quarter of
2007.

Gross margin was US$47.9 million or 23.6% of revenue for the
quarter ended March 30, 2008, compared to US$14.9 million or
9.8% of revenue for the first quarter of 2007.

Operating expenses for the first quarter of 2008 were US$54.7
million or 26.9% of revenue, compared to US$57.8 million or
38.1% of revenue for the first quarter of 2007.

Operating loss was US$6.8 million during the current quarter,
compared to an operating loss of US$42.9 million in the prior
year quarter.

Net interest expense for the first quarter of 2008 was US$15.7
million, compared to US$14.4 million in the first quarter of
2007.

Net loss for the three months ended March 30, 2008 was US$67.9
million, compared to a net loss of US$67.0 million in the first
quarter of 2007.  The net loss results were negatively impacted
by a foreign currency loss of US$42.9 million in the first
quarter of 2008, compared to a foreign currency loss of US$7.4
million in the first quarter of 2007.  A substantial portion of
this net foreign currency loss resulted from a non-cash
translation loss recorded for inter company borrowings at our
Korea subsidiary that are denominated in U.S. dollars.

Sang Park, Chairman and CEO of MagnaChip Semiconductor,
commented, "We continued to make progress in 2008 vs. 2007, with
an increase in revenues of 33.8% vs. the first quarter of 2007.
During the quarter, we began sampling our new line of power
management products as part of an overall strategy to leverage
our analog and mixed signal technology platform to expand our
market opportunities.  We expanded our image solutions business
to new end markets and increased our account penetration in our
display solutions business. In our Semiconductor Manufacturing
Services business, we strengthened our specialty technology
portfolio and achieved a design win at a recognized leader in
the microcontroller market.  Our product pipeline is strong, and
our design win activity is at an all-time high as
we enter into the second quarter."

Robert Krakauer, President and CFO of MagnaChip Semiconductor,
said, "We continued to make progress in the first quarter of
2008.  Our gross margin and operating profit improved year over
year, as we focused on maintaining our cost competitiveness.
Though some of our markets are slower than expected, we believe
we are well-positioned for continued performance improvement
throughout 2008."

                 About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures  
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

   1) B1 rating of the US$100 million five-year senior secured
      credit revolver

   2) B2 rating of the US$500 million aggregate floating and
      fixed-rate second-priority senior secured notes due 2011

   3) Caa1 rating of the US$250 million senior subordinated
      notes due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.



===============
M A L A Y S I A
===============

TRIPLC BERHAD: Earns MYR1.28 Million in Quarter Ended Feb. 29
-------------------------------------------------------------
TRIPLC Berhad posted a net profit of MYR1.28 million on
MYR76.67 million of revenues in the third quarter ended Feb 29,
2008, as compared with a net profit MYR917,000 on
MYR33.66 million of revenues in the same quarter in 2007.  The
construction division continues to be the main contributor in
the Group's overall performance.      

The company's balance sheet as at Feb. 29, 2008, showed
total assets amounting to MYR292.96 milion and total liabilities
aggregating to MYR64.29 million resulting to a shareholders'
equity of MYR26.27 million.

TRIPLC Berhad, formerly U-Wood Holdings Berhad, is a Malaysian
based provider of property development, construction and related
project management services.

The Company operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company was classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa
Malaysia Securities Bhd.  Accordingly, as stipulated in the
listing requirements of the bourse, the company is required to
submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.


   
====================
N E W  Z E A L A N D
====================

AAA DESIGN LIMITED: Shareholders Appoint Liquidator
---------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of AAA Design Limited
pursuant to a special resolution of shareholders on April 1,
2008.

The liquidator can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


BAIRDS ROAD SCRAP: Court to Hear Wind-Up Petition on May 30
-----------------------------------------------------------
On February 21, 2008, Clifton Killip Lyon filed an application
to put Bairds Road Scrap Limited into liquidation by the High
Court at Auckland.

The application will be heard before the High Court at Auckland
on May 30, 2008, at 10:45 a.m.

The plaintiff can be reached at:

          C. K. Lyon, Barrister & Solicitor
          7A MacMurray Road
          Remuera, Auckland


BLUE CHIP: Creditors Owed NZ$84.3 Million, Liquidator Says
----------------------------------------------------------
Blue Chip New Zealand Ltd. owes its creditors NZ$84.3 million,
which amount is much more than the original estimate of
NZ$70 million, Kris Hall of The Dominion Post reports, citing
liquidator Meltzer Mason Heath.

According to the report, liabilities in Blue Chip's ledger
include $65 million worth of inter-company loans while
conservative estimates list $9.5 million in rent guarantees and
$5.4 million in extra guarantees.

Despite the figures disclosed, the liquidator says no Blue Chip
New Zealand assets are likely to be recovered.  "We've taken an
assumption that the [company's] assets are probably not worth
anything at this stage. We may be wrong," liquidator Arron Heath
was cited by The Dominion post as saying.

              Former Director Issued Early Warning

According to a NZPA report cited on April 21, 2008, by the
Troubled Company Reporter-Asia Pacific, John Luxton, a former
commerce minister and former director of Blue Chip New Zealand,
had warned Blue Chip's board in October 2006 that it did not
have the information it needed for adequate governance, despite
numerous requests for information.

Mr. Luxton raised his concerns in his resignation letter, a copy
of which was sent anonymously to the New Zealand Herald.

"I no longer have confidence in the advice, judgment and
frankness of the managing director," Mr. Luxton wrote of
founding shareholder Mark Bryers.  "I believe the serious
problems facing the company can be surmounted but I am not
willing to have my reputation dependent on a key person and
fellow director whose reports and work I would require to have
continually verified."

According to NZPA, Mr. Luxton explained that he never raised the
problems in public because his first duty was to Blue Chip and
he thought it would do enormous brand damage to the organization
and prevent any opportunity of its trading its way through.

                       About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company formerly known as Blue Chip Financial Solutions.


CARPET DREAMS: Court to Hear Wind-Up Petition on May 13
-------------------------------------------------------
On March 11, 2008, Tile Trends Limited filed an application in
the High Court at New Plymouth to put Carpet Dreams Limited into
liquidation.

The application will be heard before the High Court at
New Plymouth on Tuesday, May 13, 2008, at 10:00 a.m.

The plaintiff's solicitor is:

          Malcolm Whitlock
          Debt Recovery Group NZ Limited
          5 Short Street, Level 5
          Newmarket, Auckland


CARTUNE LTD: Court to Hear Wind-Up Petition on June 20
------------------------------------------------------
On March 3, 2008, Pilkington Road Holdings Limited filed an
application in the High Court at Auckland to put Cartune Limited
into liquidation.

The application will be heard before the High Court at Auckland
on Friday, June 20, 2008, at 10:00 a.m.

The plaintiff's solicitor is:

          A. W. JOHNSON
          Martelli McKegg Wells & Cormack
          PricewaterhouseCoopers Tower, Level 20
          188 Quay Street
          Auckland 1010


CASTLEREAGH NOMINEES: Commences Liquidation Proceedings
-------------------------------------------------------
Ross Edward Baigent was appointed liquidator of Castlereagh
Nominees Limited (in liquidation).

The liquidation commenced on March 28, 2008.

The liquidator can be reached at:

          Baigent Consulting Limited, Chartered Accountants
          301S Botany Road (PO Box 64009)
          Botany
          Auckland


CUCHINIS HOLDINGS LIMITED: Shareholders Appoint Liquidator
-----------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Cuchinis Holdings
Limited pursuant to a special resolution of shareholders on
April 1, 2008.

The liquidator can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


EP NELSON LIMITED: Shareholders Appoint Liquidator
--------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of EP Nelson Limited
pursuant to a special resolution of shareholders on April 1,
2008.

The liquidator can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


FRANKLIN PLANT PRODUCERS: Appoints L. Sharp as Liquidator
---------------------------------------------------------
Lincoln Alexander Sharp, chartered accountant of Pukekohe, was
liquidator of Franklin Plant Producers Limited by special
resolution of the company dated March 31, 2008.

The liquidator can be reached at:

          LINCOLN ALEXANDER SHARP
          Campbell Tyson Cooper White Limited
          Telephone: (09) 238 9219
          Facsimile: (09) 239 0017


GRANGE DEVELOPMENT: Creditors Must File Claims by May 4
-------------------------------------------------------
Robin Winston Hargrave, chartered accountant of O’Halloran HMT
Limited, was appointed liquidator of Grange Development Limited.

The liquidation commenced on April 3, 2008.

The liquidator fixed May 4, 2008, as the last day for creditors
to file claims.

The liquidator can be reached at:

          Hargrave at O’Halloran HMT Limited
          PO Box 6004
          Wellesley Street
          Auckland
          Telephone: (09) 366 5065
          Facsimile: (09) 366 5001


HOMETOWN BBQ CHICKEN: Faces CIR's Wind-Up Petition
--------------------------------------------------
On March 12, 2008, the Commissioner of Inland Revenue filed an
application in the High Court at Wellington to put Hometown BBQ
Chicken Limited into liquidation.

The application will be heard before the High Court at
Wellington today, April 28, 2008, at 10:00 a.m.

The plaintiff's solicitor is:

          JULIE NEWTON
          Inland Revenue Department
          Legal and Technical Services
          First Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853


JOYCE GROUP HOLDINGS: Shareholders Appoint Liquidator
-----------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Joyce Group Holdings
Limited pursuant to a special resolution of shareholders on
April 1, 2008.

The liquidator can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


JOYCE GROUP LIMITED: Shareholders Appoint Liquidator
----------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Joyce Group Limited
pursuant to a special resolution of shareholders on April 1,
2008.

The liquidator can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


MCMANUS AND GROCOTT: Creditors Must File Claims by April 30
-----------------------------------------------------------
Rhys James Cain, insolvency practitioner, and Malcolm Grant
Hollis, chartered accountant, were appointed joint and several
liquidators of McManus and Grocott Limited by the shareholders
on April 3, 2008.

Creditors are required to filed their proofs of claim by
April 30, 2008, or be excluded from the benefit of any
distribution.

Claims are to be forwarded to:

          McManus and Grocott Limited (in liquidation)
          c/o PricewaterhouseCoopers
          119 Armagh Street (PO Box 13244)
          Christchurch
          Telephone: (03) 374 3027
          Facsimile: (03) 374 3001
          Attention: Wendy Somerville


PHOENIX CONSTRUCTION: Faces CIR's Wind-Up Petition
--------------------------------------------------
On February 11, 2008, the Commissioner of Inland Revenue filed
an application to put Phoenix Construction (2006) Limited into
liquidation by the High Court at Whangarei.

The application will be heard before the High Court at Whangarei
today, April 28, 2008, at 10:00 a.m.

The plaintiff's solicitor is:

          M. B. Smith, Crown Solicitor
          Marsden Woods Inskip & Smith, Solicitors
          122 Bank Street (PO Box 146)
          Whangarei


PLAN PROCESSING SERVICES: Shareholders Appoint Liquidator
---------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Plan Processing Services
Limited pursuant to a special resolution of shareholders on
April 1, 2008.

The liquidator can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


QUEENSTOWN INVESTMENTS: Hearing on Wind-Up Petition Is April 28
---------------------------------------------------------------
On March 31, 2008, Eastwood Construction Limited filed an
application in the High Court at Christchurch to put Queenstown
Investments Limited into liquidation.

The application will be heard before the High Court at
Christchurch today, April 28, 2008, at 10:00 a.m.

The plaintiff's solicitor is:

          M. A. JONES
          White Fox and Jones
          ABN AMRO Craigs House, Level 7
          90 Armagh Street (PO Box 1353)
          Christchurch
          Telephone: (03) 353 0650
          Facsimile: (03) 353 0652


RESOURCE MANAGEMENT & PLANNING: Shareholders Appoint Liquidator
---------------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Resource Management &
Planning Limited pursuant to a special resolution of
shareholders on April 1, 2008.

The liquidator can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


RISHWORTH PROPERTY: Creditors Must File Claims by May 4
-------------------------------------------------------
Robin Winston Hargrave, chartered accountant of O’Halloran HMT
Limited, was appointed liquidator of Rishworth Property Limited.

The liquidation commenced on April 3, 2008.

The liquidator fixed May 4, 2008, as the last day for creditors
to file claims.

The liquidator can be reached at:

          Hargrave at O’Halloran HMT Limited
          PO Box 6004
          Wellesley Street
          Auckland
          Telephone: (09) 366 5065
          Facsimile: (09) 366 5001


ROCKY DAVIS BLASTING: Faces CIR's Wind-Up Petition
--------------------------------------------------
On November 13, 2007, the Commissioner of Inland Revenue filed
an application to put Rocky Davis Blasting Limited into
liquidation by the High Court at Auckland.

The application was heard before the High Court at Auckland on
Thursday, April 24, 2008.

The plaintiff's solicitor is:

          KAY S. MORGAN
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0373
          Facsimile: (07) 959 7614


SOFTWARE FUTURES: Faces CIR's Wind-Up Petition
----------------------------------------------
On December 3, 2007, the Commissioner of Inland Revenue filed an
application to put Software Futures Limited into liquidation by
the High Court at Auckland.

The application was heard before the High Court at Auckland on
Thursday, April 24, 2008.

The plaintiff's solicitor is:

          KAY S. MORGAN
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0373
          Facsimile: (07) 959 7614


SOUTHERN CROSS HOLDINGS: Shareholders Appoint Liquidator
--------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Southern Cross Holdings
Limited pursuant to a special resolution of shareholders on
April 1, 2008.

The liquidator can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


ST. MARC GROUP LIMITED: Shareholders Appoint Liquidator
-------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of St. Marc Group Limited
pursuant to a special resolution of shareholders on April 1,
2008.

The liquidator can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


VORSTERMANS & ASSOCIATES: Shareholders Appoint Liquidator
---------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
jointly and severally as liquidators of Vorstermans & Associates
Architecture Limited pursuant to a special resolution of
shareholders on April 1, 2008.

The liquidator can be reached at:

          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


WORCESTER PROPERTIES: Faces CIR's Wind-Up Petition
--------------------------------------------------
On March 17, 2008, the Commissioner of Inland Revenue filed an
application in the High Court at Christchurch to put Worcester
Properties Limited into liquidation.

The application will be heard before the High Court at
Christchurch today, April 28, 2008, at 10:00 a.m.

The plaintiff's solicitor is:

          JULIE NEWTON
          Inland Revenue Department
          Legal and Technical Services
          First Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853



=====================
P H I L I P P I N E S
=====================

MRC ALLIED: Appoints  Renato Claravall as President
---------------------------------------------------
MRC Allied Industries Inc. has named Mr. Renato A. Claravall as
the company's new president following the resignation of Mr.
Benjamin M. Bitanga.

Mr. Claravall is a 56-year old senior executive with a multi-
faceted 35 years experience in Financial Services: Banking
(Commercial & Investment) and Insurance.  He has previously
served as Deputy General Manager of Bank of Boston; Treasurer
and Senior Vice President of Urban Bank, Inc. ; Officer in
Charge of Urbancorp Investments, Inc.; Senior Vice President of
Export & Industry Bank; and General Manager of ValueGen
Financial Insurance Co.

He graduated with a degree in Bachelor of Arts, Major in
Economics from the Ateneo de Manila University.

                        About MRC Allied

MRC Allied Industries, Inc. is a property development firm in
the Philippines which has found its niche in the development of
master planned, integrated residential, commercial,
recreational, tourism and industrial areas within a single
community or township.

Originally incorporated on November 20, 1990 as Makilala Rubber
Corporation, the company's activities were originally involved
in the processing and export of baled natural rubber.  In 1993,
new stockholders acquired the company from Philtread Tire &
Rubber Corporation and diversified the company into real
property development, more particularly, into township
development.  On October 25, 1994, the Securities and
Exchange Commission approved the change in the company's
corporate name to MRC Allied Industries, Inc.  In 1997, MRC
decided to divest its rubber business to Makrubber Corporation,
a wholly owned subsidiary, to focus on its core business, real
property development.  However, in 2000, Makrubber stopped its
commercial operation due to the worsening of the raw material
supply and the problem of peace and order in the Mindanao area.

At present, MRC is concentrating on its two main eco-friendly
projects, namely, the New Cebu Township One of Naga, Cebu and
the Amihan Woodlands Township of Northern Leyte.  MRC still owns
rubber-processing facilities situated on a 20-hectare lot in
Makilala, North Cotabato and Agusan del Sur.

                          *     *     *

As of September 30, 2007,  MRC Allied Industries Inc.'s
unaudited balance sheet showed a Php14,115,308 total
stockholders' deficit resulting from total assets of
Php610,252,014 and total liabilities of Php624,367,322.


PREMIERE ENTERTAINMENT: To Hold Stockholders' Meeting on May 16
---------------------------------------------------------------
Premiere Entertainment Productions Inc. will be holding its
Annual Stockholders' Meeting on May 16, 2008, at 3:00 p.m., at
the Angono Room, Valle Verde Country Club, Capt. Henry Vargas
St., in Pasig City, Metro Manila.

Stockholders of record as of March 11, 2008, are entitled to
notice and to vote at the meeting.

The meeting will discuss among others the change in corporate
name to Premiere Entertainment Phils. Inc. and the increase in
authorized capital stock from Php1.0 billion to up to
Php2.5 billion.

                  About Premiere Entertainment

Premiere Entertainment Productions, Inc. (PEP), formerly
Premiere Films International, Inc., was incorporated on June 20,
1996 as a company engaged in the production of motion pictures.
PEP envisioned a two-pronged thrust, namely, a major presence in
the local and international entertainment industry, and an
initial venture into gaming to round up its total entertainment
offer.

PEP actively pursued projects involving the production of full-
length motion pictures and program contents for television
broadcast. On the gaming side, PEP's wholly owned subsidiary,
Premium Events Palace, Inc. (PEPI), obtained grants from the
Philippine Amusement and Gaming Corporation to operate six Bingo
halls. In 1998, the Allied Entertainment Group (AEG) was created
to handle the non-motion picture production and distribution
activities of PEP. AEG managed the operation of the Roving
Cinema, the Video Theatre and the Bingo Hall in Caloocan City
for PEPI. The video theatre was closed after six months of
operation due to the unavailability of current films for
exhibition in video format and the rampant video piracy that
caused low theater ticket sales. The Bingo Parlor was closed in
June 2000 when PEP decided to focus its operations on other
profitable ventures.

For the past four years, the main sources of income for PEP were
the sale of ancillary rights for its library titles and the
sponsorship runs for the Roving Cinema Plus program. PEP had no
film production participation in 2006 due to problems such as
high cost of production, competition from blockbuster foreign
films, competition from free and pay television and low
household entertainment budget.

                          *     *     *

Premiere Entertainment Productions Inc. reported successive net
losses for three quarters.  For the quarterly period ended
September 30, 2007, the company posted a pre tax loss amounting
to Php1.7 million.  For the quarterly period ended June 30,
2007, the company posted a pre tax loss amounting to
Php1.3 million.  For the quarterly period ended March 31, 2007,
the company reported a pre-tax net loss of Php0.68 million.


SAN MIGUEL CORP: Sets IPO Price at Php8.00 per Common Share
-----------------------------------------------------------
San Miguel Corporation disclosed in a press statement the
pricing of its initial public offering of a total of  
Php770,524,000 shares of common stock at Php8.00 per share.   

According to the company, 539,367,000  shares have been sold to
the international market and 231,157,000 are to be sold to the
domestic market through a domestic offering which is due to
start on April 28, 2008, and end on May 6, 2008, in the
Philippines.

Listing date is set for May 12, 2008.  The international book
was oversubscribed.  The selling shareholders have granted the
underwriters the right to purchase up to 115,578,000 additional
shares to cover over-allotments, if any.

Citigroup Global Markets Limited and ATR KimEng Capital
Partners Inc. acted as joint bookrunners and joint lead
managers.  DBS Bank Ltd acted as co-lead manager.  ATR KimEng
Capital Partners Inc. and BDO Capital & Investment Corporation
will act as joint domestic lead underwriters.

                  About San Miguel Corporation

San Miguel Corporation is a food, beverage and packaging company
established in 1890 initially as a single-product brewery.  
Today, SMC has over 100 facilities in the Philippines, Southeast
Asia, China, and Australia.  SMC's extensive product portfolio
includes beer, hard liquor, carbonated and non-carbonated non-
alcoholic beverages, processed and packaged food products, meat,
poultry, dairy products and a number of packaging products.

SMC's flagship product, San Miguel Beer, is among the world's
largest selling beers.  From its original cerveza, SMC now owns
a wide range of popular beverage brands and products that
extends from beer to hard liquor, soft drinks, bottled water,
powdered juice and juice drinks.  The company's food operations
involve poultry and livestock operations, the production and
marketing of fresh, ready-to-cook and processed meats as well as
milk, butter, cheese, margarine, ice cream, flour and flour-
based products, snack foods, coffee, cooking oil, coconut oil,
pet food and animal and aquatic feeds.

Through the partnerships it has forged with major international
companies, SMC has gained access to the latest technologies and
expertise.  SMC's strategic partnerships with international
companies include Nihon Yamamura Glass Company, Ltd. and Rengo
Co., Ltd. of Japan, and Hormel Foods Corporation of the United
States.  Kirin Brewery Co. Ltd., one of the largest beer
manufacturing companies in Japan, has a significant stake in
SMC.

                          *     *     *

As of April 26, 2008, San Miguel Corp.  continues to carry
Standard & Poor's “BB” Issuer Credit Rating (Foreign Currency)
with a Negative outlook.

San Miguel Corp. also continues to carry Moody's "Ba2" long-term
corporate family rating with a stable outlook.


SBARRO INC: Moody's Keeps Low-B Ratings; Gives Negative Outlook
---------------------------------------------------------------
Moody's Investors Service affirmed all the ratings of Sbarro,
Inc. and changed the outlook to negative from stable.  The
change in outlook to negative from stable reflects Sbarro's
weaker than expected operating performance and Moody's view that
the cushion under its financial covenants will likely
deteriorate as covenant levels step-down over the next few
quarters.

Ratings affirmed are:

  -- Corporate family rating of B3

  -- Probability of default rating of B3

  -- US$25 million senior secured revolving credit expiring in
     2013, rated Ba3 (LGD 2, 20%)

  -- US$183 million senior secured term loan maturing in 2014,
     rated
     Ba3 (LGD 2, 20%)

  -- $150 million senior unsecured notes maturing in 2015, rated
     Caa1 (LGD 5, 76%)

  -- Speculative Grade Liquidity rating of SGL-3

The rating outlook is negative.

The B3 corporate family rating reflects Sbarro's weak debt
protection metrics, due in part to persistently high debt levels
and weak operating performance, and a relatively aggressive
growth plan in the context of a weak economic environment.  The
rating also reflects the high seasonality of cash flows driven
largely by shopping mall traffic patterns, deterioration in
consumer spending, intense competition in the pizza segment of
the restaurant industry, and historically high commodity costs.   
Balancing out these weaknesses are Sbarro's well recognized
brand name, meaningful international presence, increased focus
on cost saving initiatives, and new product offerings.

Sbarro, Inc. headquartered in Melville, New York, is a leading
quick service restaurant concept that serves Italian specialty
foods.  As of Dec. 30, 2007, the company owned and operated 506
and franchised 524 restaurants worldwide under brand names such
as "Sbarro,", "Mama Sbarro" and "Carmela's Pizzeria".  Total
revenues for fiscal 2007 were approximately US$359 million.

                     About Sbarro Inc.

Sbarro, Inc. -- http://www.sbarro.com/-- headquartered in  
Melville, New York, is a leading quick service restaurant chain
that serves Italian specialty foods.  As of April 23, 2006, the
company owned and operated 482 and franchised 491 restaurants
worldwide under brand names such as "Sbarro," "Umberto's," and
"Carmela's Pizzeria".  Total revenues for fiscal 2005 were
approximately US$348 million.  The company announced on June 19,
2006, its international expansion by opening more than 25
restaurants in Guatemala, El Salvador, Honduras, The Bahamas,
the Philippines and Romania.

The company has approximately 1,030 restaurants in 41 countries.
Sbarro restaurants feature a menu of popular Italian food,
including pizza, a selection of pasta dishes and other hot and
cold Italian entrees, salads, sandwiches, drinks and desserts.



=================
S I N G A P O R E
=================

SEA CONTAINERS: Fails to File Plan by April 15 Deadline
-------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates did not deliver
their Chapter 11 plan of reorganization to Honorable Kevin J.
Carey of the U.S. Bankruptcy Court for the District of Delaware
by the April 15, 2008 deadline.

Judge Carey, on Feb. 25, 2008, granted the Debtors' fifth -- and
last -- request to further extend their exclusive periods to
file a plan through April 15, 2008, and to solicit acceptances
of that plan through June 16.

The Debtors have previously noted that obtaining approval of
their settlement with the Official Committee of Unsecured
Creditors for Sea Containers Services Ltd. and the Pension
Trustees with respect to their pension scheme liabilities is a
prerequisite to filing a Chapter 11 plan.  

"[R]esolving the Debtors' pension scheme liabilities [is] a task
that must be completed before a viable Plan can be presented to
the Court," counsel for the Debtors, Edmon L. Morton, Esq., at
Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware,
had said.

A hearing on the approval of the Pension Settlement is scheduled
on May 28 and 29, 2008.

In addition, Mr. Morton had noted that the Debtors and the GE
affiliates involved in GE SeaCo are working to resolve certain
open issues relating to GE SeaCo, which resolution will factor
in and foster a consensual Plan.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


                         *********


Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane E. Taladua, Rousel Elaine C. Tumanda,
Valerie Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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